Consumer complaint received 2018-01-29
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: WA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Hi my complaint today with regards to the lacklusture behaviour and misspelling at loan origination for new purchase with Bank of America.I closed on my mortgage on XX/XX/XXXX.I had the 20 % of funds to avoid PMI but for safety my mortgage loan officer XXXX XXXX pursued me to go with a loan with PMI stating that once I reach the 80 % LTV my PMI would drop automatically ( which unfortunately wasn't true ) .Per his advise I did go ahead to meet the 80 % threshold in XX/XX/XXXX and applied for PMI deletion by calling Bank OfAmerica pmi deletion team at XXXXTo my dismay I received a rejection letter stating that my PMI can not be deleted before 2 years and if I wish to proceed I would have to request for an APPRAISAL.I reached out to my loan officer and the PMI deletion team stating that this wasn't communicated at the time of loan.I even raised a complaint through the e channel and calling the bank to which they paid no heed.They came back to me stating that you should have read the loan disclosures at closing.The various series of request ID to work on the complaint is XXXX and again today XXXXOne of their case manager XXXX XXXX got in touch with me in XXXX ( XXXX ) trying to assist me and she was in process of helping me out by providing me a discount on the appraisal due to several miscommunication from their team.I even applied for a HELOC with Bank of America in XX/XX/XXXX since they do appraisal for HELOC my case being in the verge of approval however I decided not to proceed further as they won't consider desktop appraisal for PMI deletion.It was shocking to see lack of apathy and anyone from the bank or customer device taking ownership to provide me with resolution.Each time I called them up they would say if you do not want to pay for appraisal you would need to wait for 2years.I even received decline letter stating my LTV was not 80 % ( in spite of me reaching that mark in XX/XX/XXXX ) in XX/XX/XXXX.I decided to eventually wait for 2 years and when in I called them in XX/XX/XXXX submitting a new request I came to know 3 rd week of XXXX that per my contract I need to wait for 3 years now before my PMI is automatically deleted or I would have to go for an appraisal for which I have to pay {$800.00} ( higher then what I would end up paying with PMI for the year ) .I told them about the Homeowners act where if the LTV is below 78 % the PMI has to be removed to which the call center team had no understanding.They logged my complaint # XXXX again on XX/XX/XXXX on checking today XX/XX/XXXX I was told the complaint was not forwarded.The customer service rep again promised to have their escalation team look into it and she provided me request id # XXXX. 
It's unfortunate that I'm stuck in this situation and I'm pretty positive they would read out the same disclosure that now I would need to wait for 3years if I do not wish to go for an appraisal.All the above could have been avoided if the loan officer would have briefed me on the process OR if the customer service reps were positive to pay heed and had taken ownership of my concerns. 
As of today my LTV is at 77 % with a loan balance of approx. {$210000.00} against a purchase price of $ XXXXPer the law my PMI should have been deleted automatically the time I reached the 78 % LTV threshold. I would urge new home buyers to be diligent while signing the loan disclosures as the whole home buying process can be very overwhelming.

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