Consumer complaint received 2015-04-07
Company: Residential Credit Solutions, Inc.
State: CA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
My home mortgage loan was being serviced by XXXX XXXX XXXX XXXX XXXX. I inquired with them regarding canceling the PMI insurance from my loan. They asked me to submit in writing a request to cancel my PMI insurance along with a {$390.00} check for a new appraisal. I did XXXX on XXXX XXXX, 2014. I was told the process would take no more than 30 days, this was untrue. It was not until XXXX XXXX, 2014 that an appraisal was finally completed of my home. My home valued at {$450000.00} well above the previous appraisal, qualifying me for removal of the PMI insurance from my loan. Before honoring my request XXXX XXXX conveniently sold my loan to Residential Credit Solutions. I of course immediately called XXXX financial providers and XXXX assured me that my request to remove my PMI insurance would be honored. I called Residential Credit Solutions on XXXX XXXX they confirmed receipt of my appraisal from XXXX XXXX valuing my home at {$450000.00}, but I was told it was under review. I subsequently also received my copy of the appraisal on XXXX XXXX, 2014. I continued to call Residential Credit Solutions several times speaking with different agents ( XXXX, XXXX, several gentlemen ) and in XXXX I was told nothing could be done until my loan reached the 2 year mark which would be as of XXXX XXXX. I called Residential Credit Solutions XXXX week of XXXX and spoke with XXXX ID # XXXX she was supposedly a supervisor she told me I was eligible for PMI cancellation she confirmed she saw my current appraisal on file and said she would process the cancellation. She asked me to call back in a week or so. I called back and spoke with XXXX he also advised he could see in their system my request for PMI cancellation was being processed he also confirmed receipt of my current appraisal from XXXX of 2014. He said he would call me back to confirm results of review within an hour. He never called back. I called back XXXX again spoke with XXXX she then advised me they had no receipt of my current appraisal she instructed me to fax in my copy of the XXXX 2014 appraisal to their correspondence department. I faxed over my appraisal that same day. I called back today XXXX/XXXX/15 spoke with XXXX he advised they have receive my appraisal but my request has been denied. I would have to file a whole new request with them and pay a new {$500.00} appraisal fee. I asked to speak with a manager I spoke with XXXX she advised the same they will not honor the appraisal from XXXX XXXX I would have to pay again and make a new request. 

I am beyond frustrated, I followed all the requirements from XXXX XXXX I paid for a new appraisal. I have no control over the fact that XXXX XXXX sold my loan to Residenital Credit Solutions and I have been jerked around and XXXX by both XXXX XXXX and now by Residential Credit Solutions they know I am entitled to PMI cancelation and they are just trying to rip me off with demanding {$500.00} more dollars for an unnecessary new appraisal. 

Please help me I am at my wits end!!! 

Thank you for taking the time to read my complaintXXXX XXXXXXXXXXXX loan number with Residential Credit Solutions is XXXX

Company response to consumer: Closed with explanation