Consumer complaint received 2022-09-13
Company: LD Holdings Group, LLC
State: OR
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I have several concerns about dropping PMI on my current mortgage. 
My first concern is about the validity of the broker price opinion obtained to evaluate the current value over home. Due to increase in value of our home, we requested that the PMI be dropped based on the current loan of value ratio. A real estate agent was assigned to evaluate our house and to determine BPO. During that process the real estate agent called us and asked how much outstanding balance we still owed on the mortgage. These seemed unusual, as I did see how he needed that information to determine the current value of our house, and when I questioned him about his need for that information, he responded that he wanted to make sure the BPO was going to be enough to drop the PMI like we wanted. After giving him that information, he made another comment that our home value should be well above the value we needed to remove the PMI and Loan Depot would be in touch with the final BPO. Several weeks later we received word that our request to drop PMI was denied as the low to value ratio based on the BPO was not sufficient. These seemed suspicious given my previous conversation with the real estate agent about the BPO, and that the BPO given put our loan to value ratio at 80.2 % just shy of the value needed to drop PMI. Especially, when the value of our house per XXXX and XXXX are comparable and significantly higher than our BPO ( I understand XXXX and XXXX may not be as accurate as an appraisal or BPO ). Although our main concern is why the real estate agent needed to know our remaining loan balance to determine the BPO, there were other concerns about how the BPO was determined. On the day of the evaluation the real estate agent sent his wife and daughter to take pictures and he himself was unable to view the house. The report of the house left out pictures of one of the bedrooms and listed the house is a XXXXbedroom home when we have XXXX bedrooms. Additionally, were told by the real estate agents wife that her husband would call to discuss any additional work we had done to the home, but he did not call to gather this information and we had completed significant landscaping and added a large stone patio after purchasing the home ( totaling about {$30000.00} worth of improvements ). When we bought all this to the attention on our loan servicing company ( LoanDepot ), we were told that how the BPO was completed, and the real estate agents request to know our remaining loan balance was standard practice. 
My second concern is about obtaining additional information from Loan Depot ( my loan servicer ) regarding dropping PMI. I have been seeking additional information about my mortgage contract and under what circumstances PMI can be dropped. Loan Depot provided some vague information from the loan investor XXXX XXXX but has stopped responding to emails/ questions seeking clarification. How do I get clarification on the circumstances that would allow me to drop PMI, so I can decide the best way to proceed?

Company response to consumer: Closed with explanation