Consumer complaint received 2023-02-24
Company: United Shore Financial Services, LLC
State: MD
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I am writing to express concern regarding the process to remove PMI from our mortgage and the associated appraisal. We purchased our current home with the intention of recasting our mortgage to 20 % LTV and removing PMI after the sale of our previous home. However, we have been met with roadblocks at every turn by our loan servicer, United Wholesale Mortgage ( UWM ). We are especially concerned with the assertion that our house value dropped {$25000.00} in less than 6 months as well as the fact that the mortgage company seems to have shopped appraisers to get a price opinion that would ensure we keep paying PMI. Below is an outline of all relevant dates and issues that we encountered. We are hopeful that CFPB can help us to a satisfactory resolution. 

XX/XX/XXXX : Pre-purchase Appraisal Conducted with value of {$630000.00} ( attached ). 
XX/XX/XXXX : Closed on House. Purchase price {$630000.00}. Address : XXXX XXXX XXXX XXXX, XXXX, MD XXXX. 
XX/XX/XXXX : Began the process of recasting our mortgage to 20 % LTV. This process was incredibly difficult. UWM had multiple steps to recast - with some communications sent via mail - taking several weeks to receive, some communication sent via secure messages, some sent via email, and some never sent at all. On XX/XX/XXXX, we wired the money to recast the payment and it was reversed on XX/XX/XXXX. According to our bank, UWM initiated the reversal. It took us until XX/XX/XXXX to speak to someone at UWM to be able to re-wire the money. We wired the recast payment on that date and it went through. We then contacted UWM to begin the process of having PMI removed. 
XX/XX/XXXX : Received email from UWM stating an AVM was conducted using XXXX XXXX XXXX system ( XXXX XXXX bought the loan at some point ) and it lists our property value at {$610000.00}. The email also said we could have an appraisal conducted by mailing a check for {$320.00} to UWM. I do not remember the exact date we mailed the check and letter requesting an appraisal but it was cashed on XX/XX/XXXX. 
XX/XX/XXXX : Requested a copy of the AVM. 
XX/XX/XXXX : Received " Evaluation Results ''. This document ( attached ) was just a letter from Fannie Mae saying what they believed the house was worth. It did not contain any comparables. 
XX/XX/XXXX : Appraisal Conducted by XXXX XXXX XXXX XXXX XXXX XXXX XXXX at our home. 
XX/XX/XXXX : Received email from UWM stating that after the appraisal, the estimated market value of our property is {$610000.00}. 

After receiving the email, I called XXXX XXXX ( who set up the appraisal ) and asked about the valuation. She said that she couldn't remember the exact valuation provided ( because the information was put into the bank 's system ) but said it was definitely over {$630000.00}. She provided me with the comps that she used : XXXX XXXX  XXXX XXXX, XXXX, MD XXXX - {$680000.00} XXXX XXXX XXXX XXXX XXXX XXXX, MD XXXX - {$680000.00} XXXX XXXX XXXX XXXX, XXXX, MD XXXX - {$660000.00} After discussing it with XXXX XXXX, I called UWM. They sent the appraisal ( attached ), which was conducted by XXXX XXXX ( this person never set foot in our house and is based in New Jersey. I believe the photos used were taken by XXXX XXXX on XX/XX/XXXX ). I again spoke with XXXX XXXX who relayed that she has never heard of XXXX XXXX and did not provide any information to her. 

I then requested the valuation completed by XXXX XXXX and/or XXXX XXXX from UWM. To date, UWM has refused to provide that valuation or any explanation for why that valuation was not used for the purposes of PMI removal. 

We are very frustrated with this process. We have spoken to multiple people in the real estate and mortgage industry and all have told us that the manner in which this has been handled is very unusual and encouraged us to reach out to CFPB. Beyond having our personal PMI removed, we are very concerned that this is a common practice at UWM to ensure customers continue paying PMI when it should be removed.

Company response to consumer: Closed with explanation