Consumer complaint received 2018-10-20
Company: LoanCare, LLC
State: NM
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
XX/XX/2018 To Whom It May Concern : I am writing with a complaint against my mortgage provider LoanCare LLC. I have contacted Customer Service by phone many times since early this year about removing PMI from my account. I was received a letter and was told that as of XX/XX/XXXX the PMI would be automatically cancelled because I would have met the 76 % LTV threshold. I was instructed to submit an email requesting the PMI cancellation which I did. 

On XX/XX/XXXX, I called because I received a letter in the postal mail stating I needed to pay {$100.00} to request a BPO in order to do have the PMI cancelled. I called LoanCare because I had not been informed of that. The representative told me that it was not necessary to pay the {$100.00} because I had already achieved better than loan to value ratio and that the PMI was in the process of being cancelled according to ticket # XXXX. 

A month and a half later on XX/XX/XXXX I spoke to another representative by phone because I had not seen the PMI come off my billing statement. Her name is XXXX and she told me that I in fact did need to pay the {$100.00} to get the BPO and that the other representative had not given me the correct information. I said I would mail a check for {$100.00} to Loancare as stated on the letter ( Attn : Payment Processing ) but she told me she could expedite the process by taking my checking account information by phone and withdrawing the funds quickly. I did so and she told me that within 5 days I should be contacted by someone about conducting the BPO. I was given confirmation number XXXX. The funds of {$100.00} were withdrawn from my personal checking account. 

On XX/XX/XXXX I received my monthly billing statement and the {$100.00} was not applied to the BPO process but rather applied to my monthly bill. 

I called Loancare on XX/XX/XXXX and spoke with representative XXXX and later Supervisor XXXX. They noted that confirmation number XXXX as given earlier was going to move the {$100.00} from an unidentified area of billing and towards the BPO. They assured me that the {$100.00} would be applied toward the BPO process. They also told me that according to their system the BPO would be ordered and completed by XX/XX/2018. 

Today is XX/XX/XXXX, over one month later, and I received my bill from Loancare showing that the {$100.00} is still in an unidentified payment area and I still do not have any movement on the BPO to remove the PMI from my account. 

This situation is extremely frustrating and unfair because with each month that passes I am paying {$51.00} toward PMI that I do not need. From XX/XX/XXXX ( when PMI was supposed to be removed to begin with ) to now, I have paid 5 months of additional PMI at $ XXXX/month equalling {$250.00}. In addition, each time I call I am given different information and told a different story. 

I am being cheated by Loancare and receiving the worst service of any mortgage provider I have ever during all my years of home ownership, including mortgage servicers for another home I have owned. 

I request that your agency look into my case as soon as possible because Loancare clearly is not assisting me in getting my PMI removed, has taken my {$100.00} payment toward the BPO, and continues to charge me {$51.00} month after month for PMI that I do not need do to my LTV ratio. Until now I have tried every step to be proactive by calling Loancare and they are clearly not going to help me receive the service I deserve and have paid for.

Thank you for your attention and quick response to my issue.

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