Consumer complaint received 2019-09-24
Company: Specialized Loan Servicing Holdings LLC
State: WI
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Im contacting you regarding a request I made to Specialized Loan Service SLS to have my private mortgage insurance removed. I purchased this property at XXXX XXXX XXXX in XX/XX/XXXX and with the intention of remodeling the entire first floor, adding windows and access doors and a deck. Once I was finished in XX/XX/XXXX, I had two professional real estate brokers, familiar with the market, estimate the market value of my home. Knowing that my house value now would be under the requirement for PMI, I requested in XX/XX/XXXX for the PMI to be removed by specialized loan service. After months of frustration with SLS nonresponse and non-timelessness, I filed a complaint with CFPB. Finally, in XX/XX/XXXX XXXX company contacted me to do a BPO. I indicated to the XXXX employee that I had over {$50000.00} in receipt for the remodeling of my home. The XXXX employee did not want the receipt and I gave him a copy of the summary and cost of the remodel. He came into my house with his cell phone snapped a few photos and was gone. He did not measure anything and was only there for a very short period. In XX/XX/XXXX I received a notice stating the BPO did not show the property was under the PMI requirement and the PMI would not be removed. Shortly later I received a copy of XXXX very poor assessment of my property and a very poor comparison to other properties in XXXX. There were numerous mistakes and even had the garage as a detached garage. XXXX report almost seem that some information was carried over from another assessment. Other similar properties nearer to my address and even on my street, were not used as a comparison. XXXX assessment only raised my value of my home by {$4000.00} which is unacceptable. 
Since I was tired of dealing with SLS, getting a run around, who does not have a good reputation, has numerous complaint against you and not wanting to continue to pay PMI on a property that the value of the home would not require it, I decided to switch mortgage companies. There was an appraisal conducted on my home in XX/XX/XXXX and the appraisal came in at {$360000.00}. This is a difference of {$51000.00} more than your final assessment. XXXX BPO was not even close to the value of what my home is. The original appraisal on my home when I purchased it in XX/XX/XXXX was {$310000.00} and yours was {$310000.00}. The market in XXXX is extremely stable and over {$50000.00} of remodel and upgrades was added this home, which would indicate the value should have raised way more than {$4000.00}. 
I must question the relationship with SLS and XXXX company. I must question how someone can be so far off. I must question the mistakes that were made by XXXX company. XXXX company provided a service that was not even close to being accurate. Since SLS charged me for XXXX service that was not even close to be an accurate assessment of the value of my home, Im requesting to be refunded this amount.

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