Consumer complaint received 2018-01-02
Company: Ocwen Financial Corporation
State: NH
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Ocwen my mortgage servicer has made it nearly impossible to get private mortgage insurance removed XX/XX/XXXX-I inquired to have PMI removed since the value of my home has gone up due to the market. I was told over the phone, that I would have to wait 2 years before I could take market appreciation into account on the house, unless I was able to provide receipts and documents of the $ XXXX of improvements i made in the house XX/XX/XXXX-I received a document that stated I had to wait 2 years ( 2 years after the loan origination date ) before I could take market appreciation into account on the house, unless I was able to provide receipts and documents of the $ XXXX of improvements i made in the house. The document laid out the process, and made absolutely no mention of using a single vendor. 

XX/XX/XXXX- I received a document in the mail, stating my rights to cancel PMI, and the 3 stipulations that I had to meet verbatim The LTV ratio must be less than or equal to 80 percent as follows : For purchase transactions, original value is the lesser of the sales price or the appraised value from loan origination. 
For refinance transactions, original value is based on the appraised value from loan origination. 
The borrower must submit a written request to the address below. 
The loan must be current with no payments received 30 or more days late in the preceding 12 months or 60 or more days late in the preceding 24 months. The account must remain current throughout the cancellation process. 
Proof of a type satisfactory to the mortgage investor that the property has not declined in value since loan origination. 
( Please note that any related fees will not be reimbursed by Ocwen Loan Servicing, LLC ). 

XX/XX/XXXX- Since my loan origination date was XX/XX/XXXX, I waited to the 2 year mark to get an appraisal done on the house. I got an appraisal done, and register mailed to Ocwen with the written letter to cancel PMI. 

XX/XX/XXXX- After no answer from ocwen or reply, I called customer service to ask what the status was. They said that a realtor estimate was not good enough, and that I would need to get an actual appraisal of the property. 

XX/XX/XXXX-After getting the appraisal, and mailing it to Ocwen registered mail, they said that the appraisal was not done through their single vendor, and the {$460.00} spent on getting the appraisal would be worthless. 

XX/XX/XXXX- After begging and pleading with Ocwen about the appraisal being from a NH State licensed appraisal, Ocwen still denied the appraisal to be used to cancel PMI. After being denied from using a state licensed NH appraiser, I asked which vendor we could use. Customer Service representatives, said " any vendor '', and then when I brought to an escalation manager none of them could name the actual vendor theyre required to use! Even in both denial letters, they do not state the actual reason that they are denying PMI cancellation. 

This is even after I met all the stipulations to cancel PMI, since it was not done through their single vendor it would not be allowed. This requirement was not mentioned in the contract signed at closing as well as the documents sent to me numerous times after making the inquiry of canceling PMI. This is even after Ocwen was forced to pay XXXX in very similar class action lawsuit, and barred from doing business in both Maine, and Massachusetts. 

Even after potential litigation. Ocwen refuses to honor my appraisal, for absolutely no reason.

Company response to consumer: Closed with explanation