Consumer complaint received 2017-10-05
Company: LoanCare, LLC
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
On XX/XX/XXXX I submitted an online request to inquire about the steps to have my Private Mortgage Insurance removed prior to the originally scheduled amortization date. I received a letter from the mortgage servicer dated XX/XX/XXXX stating that I needed to have an appraisal performed on my residential property in order for mortgagee requested PMI cancellation to be approved. The letter stated that since my loan originated less than 5yrs ago and was open for at least 2yrs, the appraisal would need to show a value for which my current loan to value amount would equal 75 %. The notice also stated that I would receive notice of cancellation or non-cancellation within 30 days after the appraisal and other evidence requirements were met. I submitted the funds for the appraisal and the servicer requested the appraisal. The appraisal was performed on XX/XX/XXXX. I received a copy of the appraisal on XX/XX/XXXX via UPS but without any documentation from the servicer. After waiting a couple additional days to see if the original request would be approved I contacted the servicer and was told that the cancellation request was not approved. When asked why, I was told the LTV ratio based on the appraisal value did not meet the required 75 % threshold. In the couple days prior to this call, I made a principal only payment which brought my loan to value ratio below the required threshold of the appraisal value. The payment was effective XX/XX/XXXX the same day the determination of non-cancellation was dated but never mailed or received until my phone conversation onXX/XX/XXXX. The agent provided a confirmation of mailing for the notice of non-cancellation, however that package only included a copy of the appraisal and no documentation from the servicer regarding the cancellation status. 
Based on the steps required by the servicer and the resulting value and LTV ratios I asked the representative onXX/XX/XXXX to please reevaluate the decision that was made on the same determination date as the payment was effective since the actual LTV was less than 75 % on that day. She told me the PMI department does not receive or perform any phone calls, but that she would forward my request to them and that they would respond within the required 30 days (XX/XX/XXXX ). She said there was no tracking number, but that they would respond. I then called back 2 weeks later to the only customer service number available and spoke with an agent who provided me a ( surprise ) tracking number and said that I would still be contacted byXX/XX/XXXX. Now that XX/XX/XXXX has come and gone without any response, and seeing that the servicer has made it impossible to speak directly with any representatives in the PMI department or the get a response from a dedicated person that can make a decision, I am reaching out to the CFPB for assistance. The customer service phone line has been busy for at least 2 days that I have attempted to contact about my request.

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