Consumer complaint received 2023-05-03
Company: Freedom Mortgage Company
State: PA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
To, Freedom Mortgage Corporation XXXX # XXXX ( XXXX  ) BPO DISPUTE FILE # XXXX - removal of Private Mortgage Insurance ( PMI ) based on Property 's Current Market Value Dear Freedom mortgage team, I am in receipt of your BPO decision dated XX/XX/XXXX, noting a broker price opinion conducted by XXXX XXXX XXXX of Clear Capital Real Estate License No. XXXX, to assess the removal of private mortgage insurance, is based on factually incorrect facts and figures pertaining to my property located in the graduate hospital, XXXX PA XXXX when compared to the official City of XXXX official property and tax assessment records. 

Discrepancies noted in the BPO/ Reason for Dispute : Please note the following discrepancies that have been noted which question the quality of the BPO that was conducted. 

1. The BPO used outdated/factually incorrect above-grade gross living square footage of XXXX square feet to price the property in their comparative market analysis. The correct above-grade gross living square footage is 1186 square feet as evidenced by the City of XXXX Property assessment records and the physical measurements conducted by the appraisal at loan origination ( See appendix A-B ). 

Further, this gross living square footage was confirmed in an appraisal ordered by Freedom Mortgage at loan origination where the property was physically measured by the assessor/appraisal Please see the report prepared by XXXX XXXX XXXXXXXX XXXX XXXX ( Appendix C, D, E ). 

2. Tax assessment based on the correct square footage and improvements for the property is {$430000.00} for the tax year XXXX as listed on the City of XXXX Property Assessment Website. The BPO lists the value of the property as {$36000.00} below the current tax assessment for this property using outdated/factually incorrect gross living above-grade square footage. This is a serious discrepancy that needs to be resolved. 

3. The BPO lists the property as having forced heating when a permitted HVAC with Central Heat and Cool air is currently installed in the property which is visible in the Broker 's photos. 

4. The BPO used listings 3-5 from the POINT BREEZE neighborhood when the current property is in the XXXX XXXX neighborhood of XXXX. 

Although, the neighborhoods have the same zip code as XXXX the markets in terms of market value are totally different. The broker skipped several recent sales and listings on XXXX and XXXX XXXX and offered listed properties in a different neighborhood to come to their conclusion. 

5. The current property has 594 square feet of below-ground semi-finished basement space but the broker lists this as 0 sq feet ( See Appendix C, D, E ). 

Please kindly consider this as a request to appeal the decision of the BPO that was conducted based on factually incorrect property characteristics and therefore does not meet the burden of proof to support the factually flawed assessment. 

Thank you and I look forward to a favorable adjudication of this appeal considering the supporting evidence ( both old and new ). 

See Appendices A-E cited below for reference and supporting evidence. 

Best,

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