Consumer complaint received 2019-08-19
Company: Capital Markets Cooporative, LLC
State: VA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
We are due a pro-rated refund on Mortgage Insurance that is no longer needed on our current mortgage. The mortgage company only has to ask for this refund from XXXX and it will be given to us. The amount owed is {$9400.00}, per XXXX at XXXX per email from XXXX on XXXX/XXXX/19. 
On XXXX XXXX, 2019, we took out a mortgage with XXXX XXXX XXXX company that required Mortgage Insurance. XXXX XXXX XXXX sold the loan to XXXX XXXX on XXXX/XXXX/19, who then sold the loan to CMC Funding and XXXX XXXX XXXX XXXX ( XXXX ) on XXXX/XXXX/19. 
On XX/XX/XXXX, we ( XXXX XXXX XXXX XXXX ) re-cast the loan putting a substantial amount of money down on the mortgage, therefore under the Homeowner 's Protection Act, we are no longer required to have Mortgage insurance. On XX/XX/XXXX we overnight mailed CMC the recast docs, along with the requested refund of the pro-rated mortgage insurance. 
On XXXX/XXXX/19, XXXX XXXX called CMC Funding to inquire about the status of the refund. She was told there was no record of any refund due her, but to call the Servicing company, XXXX, and see if they could help her. XXXX also did not have any record of any refund due. XXXX then called XXXX XXXX company, and they confirmed that she does have mortgage insurance, and, yes, was now due a refund if her loan had been re-cast, but that XXXX would have to request it, not the XXXX. The certificate of the policy with XXXX is # XXXX. 
XXXX and XXXX XXXX have since been on the phone almost daily or in email correspondance since XXXX/XXXX/19 with various supervisors at XXXX XXXX XXXX XXXX and all they get are the runaround, " It's being reviewed ... .No answers yet ... '' We have provided them with proof of our mortgage insurance policy. We have provided them with the name and email address of " XXXX at XXXX, '' who will confirm that they have a check ready to mail to end this situation. 
This is a cut and dry situation. The money the XXXX ' are owed is money they brought to their original closing date on XXXX/XXXX/19 to satisfy a requirement that is no longer needed. It is NOTmoney that belongs to CMC or XXXX. 
XXXX XXXX from the XXXX ' initial mortgage company ( XXXX XXXX ) has also been trying diligently to get CMC and XXXX  to request the refund from XXXX XXXX, but she, too, has been getting the run around. This is causing financial hardship for the XXXX, and there seems to be no sign of a resolution. The various supervisors at XXXX   that are not giving us answers are : XXXX XXXX, XXXX XXXX and XXXX. We have also spoken through the course of this ordeal with customer service reps : XXXX, XXXX, XXXX, and XXXX. Everytime we call the customer service number, we have to start over again with a new person. It's exasperating and exhausting. We have been given the email to Mr XXXX XXXX ( XXXX ) and the email and direct number to XXXX XXXX ( XXXX phone number XXXX ). We are still unable to reach them or get adequate info from them. Please help us. XXXX XXXX XXXX XXXX Phone number for CMS XXXX/ XXXX

Company response to consumer: Closed with explanation