Consumer complaint received 2023-05-03
Company: Specialized Loan Servicing Holdings LLC
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Specialized Loan Servicing LLC and XXXXXXXX XXXX have both wronged me. I bought my home with XXXX XXXX on XX/XX/XXXX, with the agent XXXX XXXX. As he was explaining the payments to us, he informed us that since the house was appraised at XXXX, we would only need to pay PMI for a short time. This would bring our monthly payments down to a very comfortable rate. This was a selling point. The home had a lot of work to be done because it sustained a great deal of damage during hurricane XXXX in XXXX before we bought it, and XXXX went on to say if we made some improvements, we could have it taken off even sooner. I do have documents from XXXX XXXX  stating the conditions to remove PMI which backs this up. I will attach copies of everything I have. After completing several substantial improvements, I called back and spoke with a lady at XXXX  for quite a long time. Together, she and I made a list of all the improvements with estimated costs and so agreed that this should be more than enough to have the PMI removed. She stated that we needed to have someone come and appraise the property for {$75.00} and the PMI would then be removed. I knew I needed a few weeks to get the {$75.00}, so we agreed that I would call back to schedule. When I called back, I was informed that my loan was sold to Specialized Loan Servicing ( SLS ). I was very concerned that this would interfere with the process that we had been going through with the PMI removal. They told me not to worry, because nothing changes during a loan transfer. They said they would forward my list and we would be able to pick up right where we left off. After the loan was established with SLS, I called them to start working on this. They told me they got my list, and that everything was good. The only difference was that their appraisal was much more expensive. Anywhere between $ XXXX {$800.00} ( they wouldnt know for sure until they saw the house ). I knew that I needed more time to get extra money. ( I was not advised at that time that this amount apparently gets averaged into our loan. ) I called back sometime in XXXX of XXXX. This is when they started saying that they could not find the list of improvements, but that doesnt matter because they are unable to use the current value of the home to determine PMI removal. I called back several times and asked for a supervisor. Every time they said one would call me back within 72 business hours, but they did not. I reached back out to XXXX and explained everything. I was put into contact with XXXX XXXX, a part of the XXXXXXXX XXXX Senior Research Team with the Executive Office. I still have the recording of the voicemail where she tells me that the investor on my loan stayed the same, therefore the terms should not have changed. She quoted the terms of : if your loan has been open for 2-5 years, that a home valuation should be completed, and it would just have to come back at 75 % LTV. She offered to do a conference call with SLS to see why they arent seeing all the options that we are This conference call took place on XX/XX/XXXX, between XXXX CST. XXXX, myself, and XXXX from SLS had a great conversation where she mentioned that she could in fact see my previous correspondence with XXXX. XXXX said all this information was correct and that all I needed to do to get the PMI off was fill out a request for an internal valuation, and everything would be finished. I got off the phone extremely relieved and didnt think that I had anything to worry about. After a few weeks of not hearing anything back, I called around the end of XXXX to confirm that they had received it. The lady I spoke to confirmed that they did receive it, but nothing had been started. She told me that she would escalate it. Within a week or two, I was sent a denial letter on the basis that they had not received the authorization form. I called back only for them to go back to telling me again that my investor does not go off the current value of the home to determine the LTV. I asked for a supervisor to step in and help because I really needed help and I didnt understand why I couldnt get what was promised. After a week and a half, I finally got a call back from a supervisor named XXXX. He emailed me a letter saying that my loan was sold again in XXXX of XXXX. ( Please remember I had started inquiring again in XX/XX/XXXX, and had the conference call With XXXX in XX/XX/XXXX ) I called XXXX back and we did another conference call on XX/XX/XXXX at XXXX CST. We spoke with a rep named XXXX. He stated that my principal balance was {$180000.00} and the value of the house was {$250000.00} giving us a LTV of 73 %. He said they actually had received the authorization form and that the request should not have been denied. He advised that he was expediting the request to have the BPO scheduled and that they should reach out to me within a week and a half. After nearly two weeks of not hearing back, I called on XX/XX/XXXX and they said that I have been denied again because of the LTV not meeting the qualifications. SLS has never sent me the terms to remove my PMI, despite me asking multiple times for the investors terms. I have been given so much false information from the beginning and I feel that I have seriously been wronged. I am writing this letter/review to beg for help. I desperately need someone higher to step in and help us fight for what we were promised. I reached out to XXXX to see if they would give me copies of the conference calls. They said they could not give them up without a subpoena ; however, they did write up statements confirming what was said in the calls. I have attached screenshots of the emails and the documents I have ( if there's more that you need I probably have it. ) After this, Sls dispute department called me up and said that I am denied removal and it is their final decision based on one clause in the contract ( saying the original value is defined as the lesser of the 1-original appraised value OR 2- the original sales price. The original sales price is XXXX which does not give me enough LTV to remove ). The way XXXX explained it to me was that yes, those are the basic terms, HOWEVER it goes on to state conditions to remove it early which would include to get a home valuation done and use the CURRENT value. I told XXXX this, and XXXX  has since stepped back and told me I'm on my own, despite the fact that they made the promises, it's their contract, and they sold me to a company with an F rating on the XXXX who never even responds to all the complaints of their thievery. Thank you for taking the time to read this. I appreciate any help anyone could give. I have spent countless hours on this fighting this by myself. It is affecting my mental and physical health, my job, and my relationship. ( That's not even including the financial strain of an unnecessary extra XXXX $ /month during these times ) please contact me for any extra information or documents that may be helpful. Thank you again.

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