Consumer complaint received 2016-06-20
Company: LoanCare, LLC
State: TN
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
We submitted in writing to Loancare on XXXX XXXX, 2016 for a partial deed release and a pmi removal ( per instruction from a customer service rep I spoke with ). After we had n't heard from the company for 3 weeks I called and spoke with a customer service rep who said they had " missed our email. '' She found it, read it and said she would transfer the call to the right person to assist us. She sent me to someone who began assisting us with the partial deed release. This individual sent a letter that stated all the information needed to do the deed release. One of the requested documents was an appraisal of the home less than 30 days old. We hired a reputable company from our county to come out and do the appraisal as requested. I then called back and spoke with a customer service rep who told me where to email the appraisal with our request for the PMI removal. I followed her instructions but a week later only received a general letter in the mail from Loancare stating the items needed to do a PMI removal. I called in and asked why we got this general letter back and was told that, for PMI removal, we had to pay Loancare directly to hire someone to do the appraisal. They said they would not accept the appraisal we had already paid for. I argued with them on the phone over the next few weeks requesting for them to pay for this second appraisal since they dropped the ball in the beginning and never informed us that the appraisal should only be done through them for PMI and deed release. They would not budge. We went ahead and sent in the money for the second appraisal. It was now almost XXXX. Another few weeks went by without them getting an appraisal on the books and after multiple calls and getting our original mortgage lender involved ( XXXX ) Loancare finally called to tell us that they were scheduling the appraisal. I requested to have someone from within our county but they told me I had to use the person they selected. He was an appraiser from another county and he was extremely unprofessional ( XXXX, TN ). He would n't give me a firm appointment day and time but said he would call and just show up with a 30 minute notice. He was in and out of our home within 5 minutes and before leaving, I asked how long it would take to get our appraisal back. He told me next week but said that he was n't sure he could even do it because he did n't think he could find comps. I could tell he was either very new in this field or had no clue what he was doing. I immediately called Loancare and told them my concerns but they said we had to wait to get his appraisal back. It took 3 weeks to even get the appraisal back. His appraisal came in at {$240000.00} ( while our previous appraisal came in at {$310000.00} ). Loancare told us that we could not remove the PMI. Loancare told me that they would see if they could use our first appraisal to remove PMI but two weeks have gone by and now we are again getting the run around with no solid answers. We are under contract to sell our land with a close of XXXX XXXX, 2016. None of this should have EVER taken this long. We need help! We are running out of time due to this servicer 's negligence and unprofessionalism and their hiring an appraiser who did not have the understanding, ability or knowledge to give a timely and accurate appraisal.

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