Consumer complaint received 2018-05-15
Company: Specialized Loan Servicing Holdings LLC
State: IN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
This is a continuation on a now fourth complaint to the CFBP about an on-going unresolved issue with my mortgage servicing company. I will summarize below. It has NOT been resolved. I have placed countless calls into the company since the start of this issue. This is in addition to the nearly countless calls over the last 14+ months. SLS claims to have a " proven track record of setting the standard for Customer Care ''. I find that to be a gross misstatement and would further recommend the various government agencies ( XXXX XXXX, XXXX XXXX, FHA, XXXX, XXXX & VA ) review their practices and prevent further issues before any contract servicing extensions are granted. I will restate the original complaint below. Due to the increase in local home prices, we are wanting to have our PMI ( private mortgage insurance ) removed from our mortgage. After hearing numerous local reports of increased values, speaking with realtors, and neighbors ( who SOLD their homes/not simply list ), along with the increased tax value from the county assessor, it is very clear that our home value has risen to a level that it exceeds the 75 % threshold for PMI removal. On XX/XX/XXXX, I contacted Specialized Loan Servicing. I explained the increase in values and asked what was needed to start the PMI removal process. They indicated to mail them a signed letter requesting PMI be removed from our account. We mailed a letter same day. A few weeks later, we received a letter in the mail stating that our current loan value was ~90 % and that we did not qualify for PMI removal. This value based off our homes original assessed value, not the it's current increased value. If we disputed the current value, the lender asked that we sign the included form to have a full house appraisal completed. We did so and mailed this form back. It was extremely clear that the mortgage lender would request a FULL appraisal. Over 6 weeks pass by with no response from the lender. I contacted them in early XXXX to discuss the status of our full appraisal. The representative stated it was received and to call back in one week. I did so. I was then told the previous representative was incorrect, that it would not be completed until the end of XXXX. On XX/XX/XXXX, I received a letter in the mail from the lender stating that our home value had not increased at all and the current loan value remained unchanged at ~91 %. The included a single page document, known as a broker 's price opinion. This letter also included the same exact form we signed in XXXX stating we disputed the current value, the lender asked that we sign the included form to have a full house appraisal completed. The broker 's price opinion is NOT a full and proper home appraisal. I contacted the lender to discuss. I was told this decision was final despite them inaccurately valuing my home and not ordering a full appraisal, despite specifically requesting one. After the original CFBP  complaint, I received a notification that the appraisal would be ordered. I was contacted by a local company and setup the inspection for XX/XX/XXXX. At the completion of the inspection, the representative stated SLS would have the detailed report within 3-4 business days ( at the latest ). I have called numerous times post inspection to inquire about the status of the report. All agents have given different answers ( and excuses ) to  why the report was not completed and the PMI not yet removed. SLS is now stating " Our records reflect that our initial order for an interior appraisal was not received by our vendor ''. This is not true. I was contacted in XXXX regarding an appraiser coming to my house. On Friday, XX/XX/XXXX, at XXXX XXXX EST an appraiser came to my house to complete a full inspection. This include walking inside and outside of the home. His contact number is ( XXXX ) XXXX. Please follow up with this person who was hired by SLS to complete my appraisal. He indicated that SLS would have his completed report in 3-4 business days. I attempted to follow up with SLS after the second complaint response was received to alert them to this issue. 30 minutes on the phone with their " escalation department '' and nothing was accomplished as the rep did not have valid and updated information on this issue. The report was finally received, but did not take into consideration the updated home prices. This appraiser did not take into account the different section of the neighborhood. Just this week ( XX/XX/XXXX ), a home on my street ( same floor plan and square footage ), CLOSED ( not simply sold, but a bank approved mortgage ) at {$240000.00}. This price is $ 20,000+ higher than what the appraiser incorrectly stated. Please correct and remove our PMI. I will NOT pay for any additional reports to be ran. Those costs need to be paid by SLS directly and not passed on.

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