Consumer complaint received 2020-07-17
Company: CALCON MUTUAL MORTGAGE LLC DBA ONETRUST HOME LOANS
State: PR
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I purchased a home in XX/XX/XXXX at a price of {$410000.00} with a then appraised value of {$380000.00} using CalCon Mortgage. 

Within 6 months of buying the home, I paid down the principle to {$250000.00} ( a 65 % LTV ) and requested PMI be cancelled in XX/XX/XXXX. For 2 months, the company didn't response. 

Finally, the company told me that we needed a new appraisal to cancel the PMI ( which is not an industry-standard practice for a recently originated mortgage of under 12 months, and required me to pay a fee of {$150.00} to have your appraiser look at the home ). 

Their appraiser came back with a value of {$150000.00} on my home as of XX/XX/XXXX. This is complete nonsense and incorrect. Per the attached ( " scan copy.pdf '' ), the appraiser compared my home against 6 other homes in the area but they are not comparable properties. 

Here is my issues that I am disputing your appraised value based on : 1 ) All but one were older than mine. ( no compensation was made for this ) 2 ) The square footage your appraiser listed is incorrect for my home ( 1500 sq feet listed, but my home is 3800 sq feet ) 3 )  Appraiser listed my house as a 8/3/2.2 ( Total, Bed, Bath ), but the house is 11 rooms, 3 bedrooms, and 3.5 baths ) 4 ) Appraiser claimed no significant improvements were made to the home since purchasing, but a new $ XXXX solar/battery system was installed 2 months before the inspector arrived and no credit/compensation was made for this 5 ) Appraiser didn't account for air conditioning and heating ( which every room has ) Per industry-standard practices, a home that is paid down to at least 78 % of the LTV should be able to remove the PMI. 

Per the above mistakes on the part of the appraiser, I am once again requesting the PMI be removed from my mortgage as of XX/XX/XXXX ( my initial request to the company ). 

If you are unable or unwilling to meet this request, please provide the reason why you believe this appraiser is valid and that the home has dropped over {$250000.00} in value in under 8 months because the local market has not seen any decrease in values of the real estate market, in fact, real estate has been selling at higher prices recently. 

At this point, it is my belief that thecompany is simply trying to push me from department to department to delay the removal of PMI, even though the home covers the LTV even at a lowered appraisal than the purchase price ( but the value of {$150000.00} is not even in the ballpark of reality ). 

When I talked with the customer service team, they stated I needed to email my concerns ( which I did on XX/XX/XXXX ) to XXXX. It has been over 3 weeks and the only reply I received was the automated message within 5 minutes saying " Your email was received ''. 

I called the company this morning, was transfered from person to person for 45 minutes, and told, " we don't see your request or email, please submit again ''. 

There is no common sense being applied and the mortgage company is being unhelpful and uncaring. I believe they are doing this simply to continue collecting PMI every month. The PMI should have been removed back in XX/XX/XXXX when the principle was paid down to 65 % of the original loan amount, and now I am continuing to be told to jump through hoops. 

I am submitting this request to document the issues with this company in hopes that they can resolve the issue and warn others about these deceptive and dishonest practices being used by CalCon Mortgage. 

Thank you, XXXX XXXX

Company public response: Company believes complaint caused principally by actions of third party outside the control or direction of the company
Company response to consumer: Closed with explanation