Consumer complaint received 2019-06-18
Company: LoanCare, LLC
State: CO
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I have been contacting Loancare since XXXX of XXXX to remove PMI from my mortgage via an appraisal. During this entire process I have received conflicting information and misinformation. Now 9 months later my issues are still occurring concerning Loancare to the point where a supervisor at Loancare finally directed me to file a complaint with the CFPB today. I will begin with a letter dated XX/XX/XXXX that I received after I initiated the appraisal process to remove PMI. This letter states that " If you would like to pursue cancellation of PMI based on the current value of your property, an appraisal is required to determine if your LTV has reached 80 % or less. '' with that I accepted the terms and proceeded with an appraisal through Loancare 's process and paid {$910.00} to have someone come out on XX/XX/XXXX to assess my property value. Before I even received a copy of the appraisal I received a letter dated XX/XX/XXXX stating that " an appraisal is required to determine if your LTV has reached 75 % or less. I finally received a copy of my appraisal dated XX/XX/XXXX vaguely mentioning that the PMI could not be cancelled and enclosed is a copy of the appraisal. There was no mention of the appraisal having an expiration date. The property appraised at {$530000.00}. Frustrated and 9 months pregnant I decided to put this excruciating process on hold and deal with it after the XXXX of my XXXX, which was in XXXX. I called Loancare by phone on XX/XX/XXXX and said what do I need to pay toward the principal to cancel PMI and Escrow based on my recent appraisal and the 75 % LTV requirement. I was told my principal had to be at {$390000.00} or less to qualify. I paid {$36000.00} in order to do this and also requested in writing to be released from PMI and escrow. After several emails and about 20 phone calls to loancare customer service to followup, I was told that the PMI will be removed within a week. Then the next day, I was contacted around XX/XX/XXXX and was told that my appraisal had an expiration date of 120 days and therefore my request is denied and I would have to get another appraisal. 120 days From when, I don't know? This " timeline '' was NEVER clearly communicated to me in any phone conversation or on any letter. Every time I contacted Loancare starting on XX/XX/XXXX no one said anything about the appraisal expiring. My expectation was that the paid appraisal would UPDATE my new property value, which according to the system, it did. When I log into my mortgage account it still says my property value is at {$530000.00}. I just received a letter stating I have to order an appraisal again. That will cost me another {$910.00}. This makes no sense to me. Overall I feel that I have been misguided, lied to, and pushed around. I am prepared to take further legal action if this is not resolved and I am not spending another {$910.00} on another appraisal.

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