Consumer complaint received 2016-06-02
Company: AMERISAVE MORTGAGE CORPORATION
State: OR
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
In accordance with XXXX servicing guidelines Section XXXX, we believe our investment property currently being serviced by Amerisave Mortgage Corporation / XXXX is at or below 70 % Loan to Value based on the recent increase in housing prices and recently sold comparables in the neighborhood. Regardless of seasoning since it is an investment property ( our mortgage is seasoned almost XXXX years ) we have the right to request that the servicer have the property appraised to determine the current value so we can terminate our mortgage insurance if it comes back at or below a 70 % Loan to Value ratio. 

My wife who is also on the mortgage first called Amerisave Customer Service on XXXX XXXX, 2016 and verbally requested to have the mortgage insurance cancelled based on current market value. The customer service representative informed her that the request was being sent to their Escrow Team for review and processing. We received a template denial letter dated XXXX XXXX, 2016 with the " Other '' box checked and the explanation of " LTV must be at 80 % for investment properties ''. There was no other communication relating to a recent valuation or other instructions on how to request a valuation for the purpose of removing mortgage insurance. My wife then contacted the online customer service via their online chat on XXXX XXXX, 2016 and again requested to have our mortgage insurance canceled based on the current value. We received the same template denial letter dated XXXX XXXX, 2016 with the same explanation " LTV must be at 80 % for investment properties '' and no further instructions on how to request a valuation to determine the current Loan to Value. On XXXX XXXX, 2016 we sent a Qualified Written Request ( QWR ) to Amerisave via XXXX overnight with confirmation the letter was received on XXXX XXXX, 2016. The QWR contained plain language that the letter was a Qualified Written Request under section 6 of the Real Estate Settlement Procedures Act and also contained the XXXX Servicing Guide section XXXX. XXXX including the requirements for a Borrower-Initiated request for termination of mortgage insurance.We received the same template denial letter dated XXXX XXXX, 2016 with the same reason. 

As of today XXXX XXXX, 2016 it has been XXXX days since Amerisave Mortgage Corporation received the Qualified Written Request for them to appoint an appriaser for the purpose of determining the current value of the property to terminate mortgage insurance. To date, we have not received a an acknowledgement letter ( due within XXXX days ) or a substantive response ( due within 30 days ) to our request as required under current RESPA regulations 12 U.S.C. 2605 ( e ) ( 1 ) ( A ) and 12 U.S.C. 2605 ( e ) ( 2 ). Amerisave Mortgage Corporation is currently in violation of regulations under RESPA and has delayed our Borrower Initiated request for termination of mortgage insurance. At no time has Amerisave provided direction or useful assistance to our numerous requests, causing us to spend valuable time submitting these inquiries and costing us money by continuing to pay mortgage insurance.

Company public response: Company believes complaint is the result of an isolated error
Company response to consumer: Closed with non-monetary relief