Consumer complaint received 2022-09-25
Company: Ocwen Financial Corporation
State: PA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
From : XXXX, XXXX Sent : Sunday, XX/XX/XXXX XXXX XXXX  To : XXXX XXXX XXXX XXXX XXXX Subject : PHH Mortgage Corporation Good Afternoon XXXX XXXX XXXX I hope all is well. Thank you for forwarding PHH Mortgage Corporations response to my inquiry/complaint. I submit to you and will be submitting to Consumer Financial Protection Bureau as well, that I select to continue my challenge as it pertains to the Private Mortgage Insurance Premium that I continue to be assessed. 

The Application that PHH produced clearly states that when the Mortgage was refinanced in XXXX it was based on a Market Value of {$200000.00}. At no time, from purchase ( in XXXX ) to refinance ( XXXX ) has the value of our property been at or near an Appraised Value of {$150000.00}? that they have indicated in their correspondence of XX/XX/XXXX. In fact, the neither of the transactions could have occurred if the market value had been even in the vicinity of the numbers that are being asserted ( $ XXXX {$150000.00} ( Original Appraisal ) =94.05 % LTV? ) The Original Appraised value of the home in XXXX was {$210000.00}. 
I assert again that PHH is well aware that the value of our home has far exceeded {$150000.00} since assuming ownership ( i.e. value of {$150000.00} is not relevant or accurate as it pertains to this conversation ). 
I have attached samples of solicitation that PHH has sent to us to Refinance, Home Equity Loans and Reverse Mortgage Option ( i.e. I have attached some of these solicitations ) which indicate their awareness of Equity in our property and a value that far exceeds value mentioned in their correspondence. 
I assert that submitting {$150000.00} as a value that would have been and is completely erroneous in seeking to substantiate the reason PMI has continued. 
I assert that all parties ( i.e. PHH and myself ) are aware of the guidelines under which PMI is to be ceased and the correspondence that has been forwarded to substantiate the reason that removal of PMI was denied, even at this juncture, indicates an intent to misrepresent the facts as to why PMI should have been removed even before I sent my correspondence or a lack of knowledge of the guidelines ; neither of which I find acceptable. 

I am requesting an additional investigation into this matter be expedited. I appreciate your assistance and response. 

Sincerely, From : XXXX, XXXX XXXX Sent : Wednesday, XX/XX/XXXX XXXX XXXX  To : XXXX, XXXX XXXX Subject : RE : PHH Mortgage Corporation XXXX XXXX, Attached is the response we received from the referenced institution regarding your complaint, along with our letter closing the file. 

Thank you for contacting the Pennsylvania Department of Banking and Securities. We hope you find this information helpful. 


XXXX XXXX Consumer Services Specialist PA Department of Banking and Securities | Consumer Services Office XXXX XXXX XXXX XXXX, Suite XXXX | XXXX  PA XXXX Phone XXXX | Fax XXXX dobs.pa.gov | XXXX | XXXX | XXXX From : XXXX, XXXX Sent : Monday, XX/XX/XXXX XXXX XXXX  To : XXXX Subject : PHH Mortgage XXXX XXXX XXXX, Attached is the letter we sent to the referenced institution regarding your complaint. 

I will be your contact for your complaint ; my contact information is below. You will receive a formal response to your complaint after I receive an answer from the institution, but if you have any questions or concerns in the meantime, please let me know. We have asked that they respond on or before XX/XX/XXXX. 

Thank you for contacting the Pennsylvania Department of Banking and Securities. 

XXXX XXXX Consumer Services Specialist PA Department of Banking and Securities XXXX Consumer Services Office XXXX XXXX XXXX XXXX, XXXX Floor | Hbg PA XXXX Phone XXXX | Fax XXXX dobs.pa.gov | XXXX | XXXX | XXXX

Company response to consumer: Closed with explanation