Consumer complaint received 2022-03-30
Company: SERVICEMAC, LLC
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I have been looking to remove my XXXX XXXX  XXXX ( XXXX  ) for what will be roughly XXXX months now. I contacted my lender, ServiceMac, in the middle of XXXX, XXXX to seek guidance on how to remove the PMI on my home. Due to rapidly rising house prices across the nation as a result of lower interest rates and short supply on the housing market, our homes value is now below the 78 % loan to value threshold. I am aware of this because : 1. ) We live in a tract home neighborhood in which homes have the same housing plan and dimensions 2. ) A home was sold down the street for an exceptionally high value, with less amenities and square footage than our home has to offer. 

We originally purchased our home in XXXX, XXXX for XXXX dollars, and the estimate on the home value now is between XXXX - XXXX dollars, which clearly pushes it past the XXXX ratio that ServiceMac requires in order to remove the PMI. 

ServiceMac has claimed to have sent out an appraisal in the form of a Brokers XXXX XXXX on XX/XX/XXXX. I waited a few weeks and called ServiceMac to let them know that I had not heard anything. A customer service representative told me to wait a few more days, and that I would receive more answers. So I did exactly that. I called between XXXX and XXXX times during XXXX and XXXX to try and figure out why this process was not moving forward, and they claimed they sent out this information to the broker, but they had not heard back yet. I asked them which broker was contacted, and they could not give me the brokers name. I did not challenge this, as I thought it could have led to a conflict of interest, I assumed. 

I waited until XX/XX/XXXX to finally call again and speak with a representative to figure out why I had not received a reassessment of my home. They explained that they would be receiving the reassessment of the home on XX/XX/XXXX from the broker, and that I should be expecting someone to come to my home for an evaluation. It is now XX/XX/XXXX, and no one has come to my home for an evaluation and I have not been contacted by ServiceMac. I called ServiceMac yet again for an answer. They did not have any and said they could only reach out to their PMI Department via email ( They apparently do not take phone calls ). This was now my second time speaking with the XXXX named XXXX. She gave me the same answer that she had done all she could to move this process along. The fact of the matter is, the process had not been moved along whatsoever. 

ServiceMac has failed to honor their commitment of removing PMI once the home reaches the XXXX threshold, and they have breached their fiduciary duty of operating as an honest lender. ServiceMac has been negligent in handling this situation, despite me calling them between XXXX and XXXX times from XXXX until now. It has been stated that the Dodd-Frank Act granted authority to the Consumer Financial Protection Bureau to supervise and enforce compliance of the Homeowners Protection Act. I am now asking for the CFPB to follow through on this statement and protect me, the homeowner, from the predatory lending practices ServiceMac has performed.

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