Consumer complaint received 2018-07-22
Company: Specialized Loan Servicing Holdings LLC
State: IN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I received a letter from the mortgage co - Specialized Loan Servicing LLC ( SLS LLC ) - on XX/XX/18 - the letter was in response to an earlier request about removing Private Mortgage Insurance ( PMI ) from my mortgage payment. The company sent me a form letter outlining the process under the " Home Protection Act for Borrowers with Private Mortgage Insurance ( PMI ) but failed to address the specifics of my original request. 

Following detailed research on my property value, I wrote to SLS on XX/XX/XXXX, faxing over some 32 pages of documents to the listed fax number on the official SLS letter ( which is included in this formal complaint ). My research conclusively proves that value of the property is way under the threshold for PMI to fall-off i.e., 80 %, however, I estimated that the Loan-to-Value ( LTV ) was at $ 63.05 %. The Fax Confirmation Page heads the attached documents proving that they were successfully sent to SLS on XX/XX/XXXX @ XXXX XXXX EST, as previous described. 

I waited some 35 days i.e., until XX/XX/XXXX, without receiving a response from SLS. On XX/XX/XXXX I reached out to SLS at their Customer Service number and spoke with a Service Agent - XXXX. I explained the situation in detail. XXXX apologized for the delay and noted that although he could not see/review the documents in question, nevertheless he confirmed that they were in the " system ''. He stated that he could see a receipt of the documents was noted under my mortgage account profile in the system. He said he would reach out to the department concerned the next business day and have them contact me vis-a-vis my submission. 

I waited an additional 26 days until XX/XX/XXXX once again no response from SLS. That same evening, i.e., XX/XX/XXXX, I called SLS and spoke to another Service Agent - XXXX. I went into detail with XXXX explaining the situation, asking about the documents and the lack of response from SLS on the removal of PMI. XXXX apologized and put me on hold several times as she investigated the situation. Eventually she went onto to say that there was " NO RECORD OF RECEIPT '' of the documents in the system on XX/XX/XXXX, which XXXX has confirmed previously confirmed with me on XX/XX/XXXX. I was astonished. I told XXXX what XXXX had confirmed a month earlier - it mattered not. XXXX repeated there was no record of receipt of the documents. I also stated that I had a copy of the fax confirmation once again it mattered not - XXXX apologized but reiterated that they had received no documents and was not budging on this point. She went onto say that the mortgage balance had to be under 78 % LTV, to have PMI removed. I explained that the LTV was about 63 % LTV, way under the required threshold. 

I was shocked and disappointed that this was the " official response '' from SLS. I tried to plead with XXXX - but she repeated SLSs position that they were not received. She stated that I was more than welcome to try to fax them again, or alternatively mail them. Naturally I was very upset, nevertheless I remained calm amid what I was being told. Since I was getting nowhere and in pleading for help, I asked if I could speak to a Supervisor. She put me on hold and eventually transferred me to her Supervisor XXXX. I introduced myself. XXXX explained that he was up-to-speed on the reason for my call so I asked him how it happened that SLS : 1. Where unable to remove PMI 2. Had the documents 3. Did nothing with them 4. Now claim that they never had the documents 5. Can not explain where they are 6.  Can not explain how I happen to have a fax confirmation to their office/dept 7. Why they never replied to me 8. And nothing further could be done Once again, I pleaded my case and spent a lot time with XXXX on this whole fiasco. Like XXXX he was apologetic but all the apologies in the world was not fixing the issue i.e., removing PMI. XXXX assured me that he would do the following : 1. He personally, would take ownership of the issue 2. He would reach out the Escrow Department concerned etc. 
3. He would ensure they get back to me 4. To leave it with him for several days and I would be hearing back from them Well that was back on XX/XX/XXXX some 48 days ago. Since I was dealing with a member of the management team I entrusted the issue to XXXX with the understanding that the issue would finally be resolved ; however, like every other occasion, Ive heard nothing from SLS. Sadly, given the above track record I am left with no alternative but to lodge a formal complaint against SLS LLC with the Consumer Financial Protection Bureau. 

What they have done and are continuing to do to me, as their customer, is unacceptable, reprehensible, willful, wrong and probably in breach of US Law. They can not be allowed to get away with this. As a customer of SLS LLC, I have : 1. A perfect right to request the removal of PMI based on the evidence of the property value. 
2. I have the right to be treated with a modicum of respect 3. They can not arbitrarily ignore the DOCUMENTARY PROOF sent to them on XX/XX/XXXX 4. They do not have the right to lie to me 5. They do not have the right to evade or ignore their responsibilities as a mortgage servicer/lender 6. They do not have the right to discard or ignore me, or any other customer 7. They do not have the right to flout US law and think that they can get away with it I have done some additional research into how SLS LLC customers are being treated and the  results speak for themselves. 

XXXX : XXXX XXXX XXXX   XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX   XXXX As a result of this whole fiasco, I am formally requesting the CFPB launch an official investigation into Specialty Loan Servicing, LLC as to : ( a ) Why they have not replied to me ( b ) Why they have acted on the provided documents to Remove PMI ( c ) Why they have failed, time and time again, not to fix the issue based on multiple calls I sincerely hope that you can get to the bottom of the issue, holding SLS LLC accountable and ensuring that the adhere to my request and remove PMI. Also, I am requesting my loan with SLS be sold to another servicer where I will be properly treated. 

Sincerely,

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