Consumer complaint received 2015-05-31
Company: PNC Bank N.A.
State: NC
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Credit decision / Underwriting

Complaint:
I am filing a complaint on PNC Mortgage ( PNC ), XXXX, OH XXXX. I have requested on many occasions INFORMATION and a refund of {$3600.00} for Private Mortgage Insurance ( PMI ). Per the Home Owners Protection Act of 1998 ( XXXX ), I am entitled a refund of " unearned insurance premiums ''. I believe PNC is acting with malice, for if they cooperated with me in my request to obtain information I would act immediately to obtain a 78 % loan-to-value ( LTV ) ratio, which would cause PNC to lose forecasted interest payments and PMI. 

PNC has been completely uncooperative, and is breaking the law. They have denied me on every occasion information on how to reappraise my home, and to give me the dollar amount needed to pay down my balance to obtain a 78 % LTV ratio. 

In the event that PNC supplies me information, I will act immediately to obtain a 78 % LTV. After that, I am demanding their full cooperation in Canceling PMI with XXXX XXXX and promptly paying out my refund of {$3600.00} plus {$400.00} interest. 

You will find in the following pages the painstaking effort I have gone through to try and obtain information and my refund, as well as parties involved, a timeline of events, and supporting documentation. 

PNC 's deliberate inaction is a byproduct of having no interest of financial gain in this matter. I need an advocate to help me deal with this matter. Please consider my case. I will be eagerly awaiting a response. 



Further ThoughtsI am willing and financially able to reach 78 % LTV on the principle balance of my mortgage in the event that PNC cooperates with my request for information. Home values have increased dramatically in my neighborhood. Given a reappraisal I estimate I will come very close to reaching 78 % LTV. However, I have financial reserves available to pay any shortfall. 

I spent significant time prior to closing doing a cost benefit analysis of choosing a ONE TIME PREMIUM product vs. paying Monthly PMI and worked with XXXX XXXX to make an educated decision. I found that if I would stay in my home around XXXX years, choosing the XXXX time premium was the better option. Since XXXX XXXX assured me the ONE TIME PREMIUM was refundable like the MONTHLY PMI, there was no way I could lose. It is very strange that XXXX XXXX did not answer my last email, for he was typically very prompt in answering every inquiry. 

It is my personal opinion based on all the facts I have acquired, that PNC Mortgage took on an exposure ( in this case my mortgage ) that has an embedded insurance product that they do n't know how to handle. After all the communication with PNC, I have found XXXX underlying truth ; that is, the people I need to reason with ( the PMI department ) ca n't be reached, and the people I can talk to ( the customer service department ) do n't understand the problem and/or can not access the information that is needed to help me. All communication is funneled through the customer service department. They only way I can talk to the PMI department is by explaining my issue to the Customer Service department, and then subsequently, the Customer Service department will write a letter to the PMI department. 

It is also my personal opinion that I find myself in this situation because I am the only party with financial incentive. Per HOPA : '' PMI will automatically terminate when the LTV ratio reaches 78 percent of the original value of the property. If PMI is terminated, the servicer may not require further payments or premiums of PMI more than 30 days after the termination date. The servicer must return all unearned PMI premiums to the borrower within 45 days after cancellation or termination of PMI coverage. Within 30 days after notification by the servicer of cancellation or termination of PMI coverage, a mortgage insurer must return to the servicer any amount of unearned premiums it is hold

Company response to consumer: Closed with explanation