Consumer complaint received 2023-10-22
Company: RoundPoint Mortgage Servicing LLC
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process
Sub-issue: Private mortgage insurance (PMI)

Complaint:
On XXXX  I paid down my mortgage balance to 77.9 % XXXX from my original value of my property. I have a XXXX XXXX loan that allows you to pay down early on your mortgage to get rid of the PMI earlier than your scheduled date based on the original amortization schedule. The previous servicer of a previous mortgage that I had automatically removed the PMI from my loan once it dropped below 78 % XXXX so I was unaware that I needed to take action. After monitoring my loan for a month and a half and noticing that the PMI was not removed I looked into it. On the Round Point Mortgage website it stated that I needed to submit the request in writing and that signing the form authorizes for a BPO  valuation to be completed at my expense. On XX/XX/23 I called Round Point Mortgage with my concern as XXXX XXXX does not require a BPO  if using the original value of the loan ( which I was ). I was told that I still needed to submit it in writing and they would review. There was no way to electronically submit the form. It had to be printed out and then scanned and emailed. I do not have access every day to a printer so the soonest I could submit the request was on XX/XX/23. On XX/XX/23 I missed a call from Round Point Mortgage and they said that they would try again later. On XX/XX/23 I again missed the call and immediately called back to Round Point Mortgage abc spoke to someone other than the person assigned to review my case. I asked for them to have the assigned agent contact me to discuss and never received a call back. Next time I heard something was when I got back from vacationing out of the country ( from XXXX ) and I had a voicemail from a third party trying to schedule a time to complete the BPO. I called him back and told him that I was waiting to discuss with my mortgage company as I disagreed with it. That same day on XX/XX/23 I received my first email from round point mortgage telling me to contact the appraiser to schedule an appointment to avoid cancellation. I immediately emailed him back requesting him to contact me to discuss the need for a BPO. I did not receive a call back. I sent another email on XX/XX/23 again asking for a call to discuss my case. and again did not receive a call back. I reached out again on XX/XX/23 to the call center and spoke to a woman who stated that if I paid my loan down to 75 % XXXX that PMI would be removed without a BPO. I made an additional payment. I called back to the call center on XX/XX/23 to follow up on the PMI removal since the payment posted and spoke with a man that told me I would need to send the request in writing again as the previous request was canceled and that a BPO  would be required. I advised him that per XXXX XXXX guidelines they do not require it but could not find the exact guidelines on XXXX XXXX  website while I was on the phone with him. I said I would resend the request even though the first request should not have been canceled. I resent the request on XX/XX/23 with the XXXX XXXX guidelines stating that a BPO  is NOT required if using the original value. I made a follow up call on XX/XX/23 and was told that I needed to email again to dispute the requirement of the BPO  so I again sent an email to Round Point Mortgage servicing. On XX/XX/23 I got another call from a third party looking to schedule a time to complete a BPO  again without a call from the mortgage servicer to discuss. I called Round Point Mortgage again and was told I would be contacted as it was being reviewed. I followed up again on XX/XX/23 with no resolution. On XX/XX/23 I contacted XXXX XXXX directly. They reached out to Round Point Mortgage to find out what was going on and I was told they have 10 days to respond. On XX/XX/23 I got an email from Round Point Mortgage stating that XXXX XXXX is requiring a BPO  because my property was showing in a XXXX disaster area. My property has never been in a XXXX disaster area. And that I had until XX/XX/23 to respond to the appraiser or my request would be canceled again. I showed them that my property was not in a XXXX disaster area ( I believe it was Round Point Mortgage trying to find reasons a BPO  would be needed and that they have never attempted to send documents to XXXX XXXX for approval ). I spoke to XXXX XXXX about this and they did not say that they denied the request. On XX/XX/23 I sent an email to Round Point Mortgage stating that XXXX XXXX sent them information. On XX/XX/23 I emailed again asking for an update. I got a response on XX/XX/23 that they were looking into it. On XX/XX/23 I reached out again for a update and requested PMI to be removed and requesting a refund check for the months that I paid and should not of. On XX/XX/23 I got a response that they were still working with XXXX XXXX to resolve the issue. I was told on XX/XX/23 by XXXX XXXX that they had reached out to Round Point Mortgage on XX/XX/23 and they had yet to receive a response. On XX/XX/23 I sent an email demanding this be resolved by XX/XX/23 or I would be filing a complaint for not complying with XXXX XXXX guidelines. I got a response from Round Point Mortgage with a disclosure from the closing of my mortgage that refers to general PMI rules NOT XXXX XXXX guidelines that should be legally followed by their company and i again responded that I expected it to be resolved by XX/XX/23. To this date XX/XX/23 I have not received notification that this has been resolved. The lack of communication from Round Point Mortgage to help their customer to resolve this issue and the fact that they are failing to follow the guidelines set by XXXX XXXX on the removal of PMI is unacceptable.

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