Consumer complaint received 2024-01-22
Company: BANNER CORPORATION
State: OR
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process
Sub-issue: Private mortgage insurance (PMI)

Complaint:
In XXXXXXXX XXXX XXXXXXXX, I contacted Banner Bank to have my PMI payment removed as I believed I qualified since houses on my block were selling in the high XXXX, which was higher than the fair market value range I needed to get my XXXX  removed. Removing the PMI payment was very important to me because I had two XXXX XXXX XXXX  and had not been able to work as much as I had previously. Removing the PMI would have been a huge relief for me and I was extremely excited at the prospect of it being eliminated. 

Unfortunately, the first BPO  value was flawed and a second corrective BPO had to be done, at Banner Banks expense, as they ultimately took responsibility, but only after I had to fight to prove to them that it was their fault that I was unable to appeal the first BPO, causing a new one to be required. Still, the corrective BPO  which revealed my true home value took nine months to get due to the errors, mismanagement, misconduct, unwillingness to help. The overall incompetence on the part of the two Banner staff members, XXXX XXXX and XXXX XXXX, resuled in me paying thousands in unnecessary PMI  and interest on a higher principal during the months it took for Banner to process the corrective BPO. Not to mention the change in market which no doubt had an impact on the new BPO which was ultimately done in XX/XX/XXXX. It is the relief from those unnecessary PMI, and higher interest payments, that I am seeking today since it took almost a year of my life to deal with, and monitor, this situation while these staff members refused, then slowly, attempted to correct their mistakes and get on top of the matter. It isnt my job to do this, but it was theirs. 

I believe they paid for the corrective BPO in part to cover their legal exposure since I pointed out their errors in writing. While on the phone, XXXX was very clear - and insistent- that it was not their problem, or error to repair, and they would not be taking any steps to make things right. 

As I expected, the new BPO came back XXXX higher than the first flawed BPO. Because of this difference, I was able to pay down the {$2400.00} difference to get from 75.7 % LTV to 75 % exactly in order to successfully have the PMI  removed. 

In early XX/XX/XXXX, I paid the {$2400.00} to have the XXXX XXXX  monthly PMI  payment removed from my regular mortgage payment. Despite the pay down amount not being applied to my regular mortgage payment, it was worth it to have all the money going to me rather than the banks insurance company. While any one of these things may have been minor, it is the sum total of these mistakes that has resulted in an unreasonable and unfair loss of money for me, and for which I would like Banner Bank to remedy. 

However, XXXX, on behalf of Banner Bank, doesnt care to acknowledge how this protracted XXXX month process due to her errors and foot dragging resulted in nine unnecessary PMI  payments, and additional interest, while she got her act together to get the 2nd corrective BPO  completed. XXXX dismissiveness is the reason I am opening a ticket here. I truly feel someone else needs to step in to make my reasonable request for reimbursement for the nine PMI payment happen, and to monitor these agents in order to prevent future harm to other Banner Bank clients. If it were not for them, I would have had a smooth and succinct BPO  process, as is typical. 

Going back to how this all started. in XXXX  XXXX, I was working with XXXX who took my information, agreed I was eligible based on the other requirements to remove my PMI, and set me up for a BPO. At that time, she took the money out of my account to pay for the BPO. I was told I would be contacted in about a week to schedule the appraisal. I waited and waited. Eventually a broker contact me for the BPO but he was rushed, told me the deadline was the next day, and he needed to come by asap to get it done. I accommodated. 

Weeks passedagain, no information or updatesfinally I contacted XXXX who said that the letter had been sent out a month prior but provided no additional information. I got the letter in the mail a few days later with a date confirming the decision was from a month prior and the PMI removal was denied. Reviewing the BPO it was clear that it was not accurate. The BPO did not use relevant comps and did not include any improvements made to the house. I contacted XXXX and told her that I would like to appeal the BPO, which XXXX approved, but XXXX did not tell me about this appeal deadline, nor did she inform me of all of the requirements. When I requested to appeal, XXXX told me I just needed to provide it in writing. No other information was told to me, required of me, and I was informed it was being processed. 

Then more time passed. I figured it took so long to get the first BPO that I didnt expect this process to be fast either. After a while though I asked XXXX what was going on. She told me the appeal request was denied two days after it was processed and I was sent a letter, but that I would need to file a new appeal if I wanted it done. I informed her that I did not get a letter about the appeal denial, nor did she call me, email more or follow up in any sense. Annoyed, but just wanting to move on, I told her to provide me the denial letter and all the information I needed to submit so I could get it done asap. 

No Response.

I followed up again, no response. 

Eventually, I was connected to XXXX XXXX, XXXX, as XXXX was not communicating. XXXX emailed to tell me the appeal deadline had passed, rudely said it was my fault, and not their problem if I didnt get the letter, and if I want to pay for a new BPO I could pay to do that but otherwise I was XXXX This email was an attempt to get me to look past their misconduct. Unfortunately for them, I know my rights from working at law firms, and having deadlines, necessary paperwork and details withheld for me is not within those rights. 

After much back and forth, I was finally provided the document I had supposedly been sent but I never received. However, this document showed me that my appeal was not in fact denied- it was denied pending that additional requirements be provided - the ones XXXX never informed me of before submitting my appeal, or afterwards. The same documents I could have, and would have, provided if I was informed they were needed. This document itself did not go into detail of what was necessary, and it also did not include a deadline for these pieces to be submitted for appeal. Even if I had received it, it would not have given me all relevant information needed to avoid missing the appeal deadline. Once I pointed out that no where on the letter did it say there was a 120-day deadline to appeal, or provide any mention of a deadline, in writing did they approve the new BPO. Of course they acted like they chose to do it for me out of generosity which couldnt be further from the truth. There were no good faith efforts put forth by XXXX. 

As I asked XXXX, how is one supposed to meet a deadline they are not informed of, or submit documentation they were not told were required? The answer is - one cant. I was set up for failure by Banner Bank employees, and then they continued to fail me once caught. That, to me, is unacceptable. Especially since it is very likely it is not just me this is happening to. If XXXX wasnt following up with me to see if I got everything, or still wanted to appeal, then she is probably not doing that for other clients. 

And XXXX, while not the one to make the original mistakes, made the situation go from bad to atrocious with her defensive and couldnt care less approach. XXXX lack of concern, or willingness to remedy, acknowledge or apologize for the fact that her team cost a client thousands in unnecessary payments, nor did she provide me the proper numbers or calculations- which I am stil waiting for since my first letter - mailed only- had incorrect numbers, and no calculations, regarding what my new monthly payment will be. The continued lack of attentiveness, and laziness, as well as XXXX XXXX XXXX behavior, is the reason I am opening this CFPB ticket. Not everyone is willing to stand up for themselves like I am and I worry how her bullying could harm others as it harmed me. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  and knows banks so she was able to help advocate for me, but not everyone has that. Enough is enough.

Having been a manager in legal, advocacy and customer service settings, I know the first step to making something right is to acknowledge the problem, empathize and offer something to make them feel better. Especially if it is something small for the business overall. This was not the approach taken, I was instead bullied, insulted, gaslit and robbed by XXXX and XXXX Banks actions. And I would like for them to remedy the damages instead of saying sucks to be you. In fact, XXXX exact words on the phone - before I was able to prove to her in writing that I was right and which got me the new BPO covered- were ummm yeah were not going to do any of those things you suggested because its not our fault, its yours. It was that moment that I decided I would stand up for myself, and others, who are being misled by these two random people who work for the bank. Especially since they are supposed to help us succeed, and the approach taken suggests it is not only me being taken advantage of. 

Other than my one phone call with XXXX, I made sure all communication was in writing so that I could document what was happening. I will happily provide it all if any is missing or necessary for additional evaluation.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation