Consumer complaint received 2021-10-08
Company: Specialized Loan Servicing Holdings LLC
State: NC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I am trying to get my Private Mortgage Insurance ( PMI ) removed from the mortgage on my house which is owned by XXXX XXXX.My loan service provider is Specialized Loan Servicing. I am NOT trying to refinance, I am only trying to get my PMI removed. Where I live the equity in homes has gone up substantially : XX/XX/XXXX signed permission for appraisal. I was told it would be an external and internal appraisal by an appraiser. 
Call Specialized Loan Servicing many times from mid XXXX to XXXX to check to see when appraisal would be done. 
XX/XX/XXXX I was told by a supervisor that the external and internal appraisal was ordered it would be between {$300.00} and {$800.00} and the appraiser would have 30 days to contact me to schedule an appointment. I asked if there was a name and number for the appraiser and was told that there was not and someone would call me within 30 days to schedule the internal/external appraisal. 
XX/XX/XXXX. I called Specialized Loan Servicing and said I had not heard from an appraiser. I was told that the appraisal actually occurred on XX/XX/XXXX and it was a curbside appraisal. The appraisal was a XXXX XXXX XXXX XXXX, it was curbside which was not what I was told or agreed to. The XXXX Mr. XXXX XXXX ( XXXX XXXX XXXX ) XXXX # XXXX and License # XXXX. The broker appraised my house for {$160000.00}. That is {$24000.00} less than what I purchased my home for on XX/XX/XXXX. I purchased my home at full ask of {$180000.00}. Also the comps were from a different neighborhood than my neighborhood. He used the XXXX XXXX neighborhood for the competitive listings. I live in XXXX XXXX neighborhood which has many many homes that have sold that are more comparable to my home. The homes he chose had current list prices far less than what my home was listed for. My home is a 3 bed 2 bath and over 1400 square feet. The closed sales he used as comps were all listed at {$160000.00} or below and had only 1 or 1.5 bedrooms. All of the homes were given a value of adjustment for a fence between $ XXXX {$10000.00}. I have a fence and my home was not given any value adjustment. Two of the homes he used were 14 and 15 yrs older than my home. On page one under property type single family it says Occupant : Owner, Tenant, Vacant. Vacant is what is checked off. This property is not vacant, it is owner occupied. It says market conditions are stable and supply and demand are balanced. That is not true. There is low inventory. He has vacancy rate in neighborhood marked off as 5-10 % that is not true it would be 0-5 %, and closer to 0. I had tried calling Mr. XXXX on Friday XX/XX/XXXX at XXXX XXXX EST and left a message. I called back at XXXX XXXX, no answer. Called Saturday XX/XX/XXXX at XXXX XXXX and left msg. Called Monday XX/XX/XXXX, at XXXX XXXX left msg. Called Tues XX/XX/XXXX at XXXX XXXX left message. Mr. XXXX has never returned my call. This is an improper appraisal. It was not done properly and was not done by an appraiser but a XXXX. I did not get the appraisal external and internal like I was told I would. I called Specialized Loan Services and told them that this was an unacceptable appraisal I was told that I had to send my request to a dispute department that did not have a phone number and I had to explain why I was disputing the request. I asked to speak with a supervisor and was told there was nothing they could do. 
I called Specialized Loan Services today XX/XX/XXXX. I asked to speak to a manager, I was told that a supervisor or manager was going to have to give me a call back in 24-48 hours, but they could probably do nothing and I would have to write and send a dispute to their dispute department with no phone number. 
The issue is that I did not get the correct appraisal by an actual appraiser with an internal and external evaluation ( Specialized Loan Services told me that would be the the type of appraisal I would receive ) that was what was agreed upon I should not have to mail a dispute and wait 30 more days. This issue has been going on since XXXX and although I do not have every date and time noted I have been trying to resolve this issue. In the meantime every month I am getting charged PMI which is {$110.00} per month. This is not fair. I have called and spent hours on the phone trying to get this issue resolved. My home value has gone up aprrox {$50000.00}, to {$60000.00}. There is no way my home is valued at ( {$160000.00} ) {$24000.00} less than my mortgage was approved for which was {$180000.00}. Specialized Loan Services needs to order a proper appraisal. I think they are undervaluing my home on purpose so they do not have to remove the PMI. I also believe they are taking a long time because every month that goes by they are getting {$110.00} that they should not be getting.

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