Consumer complaint received 2016-07-18
Company: JPMORGAN CHASE & CO.
State: KY
Product: Mortgage
Sub-product: FHA mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
Two years ago, I stopped into my mortgage lenders local banking office - Chase in XXXX, KY and was told if I was a new customer looking for a new mortgage they would lend me $ XXXX assuming the property met the appraisal. At that point I had owned the property almost 3 years. I was aware the property values were increasing in the neighborhood based on a discussion with my real estate agent and wanted to have PMI removed. After now 5 years into the loan the principal balance is below 78 % - JP Chase Morgan is still forcing me to pay them {$110.00} in order to remove the PMI. The {$110.00} is to have a broker/realtor come out and provide an OPINION on the price. Broker Price Opinion. 
When I purchased this property in XXXX XXXX, I purchased it for $ XXXX and the appraisal came back at $ XXXX. Up until XXXX of XXXX - they were requesting I pay for an appraisal at a cost of {$450.00} which is {$100.00} to {$150.00} above the XXXX market average for an appraisal. In XXXX appraisals were running {$300.00} to {$350.00} at the time of the original request. I was told by the mortgage group at Chase that this was the national average ... so including inflated appraisals for places far beyond our standard cost of living. This is JP Chase Morgan robbing the American people of money they should not be entitled to. 

I am a single mother, have called requested to speak to supervisors, called the executive office and requested to speak to executives that they are taking money from mortgage owners that they have no right to ... forcing us to pay a premium in order to have the insurance removed from the account. When I signed my paperwork in XXXX of XXXX, the title company was adamant that at the point I had paid my mortgage at or below 80 % to contact the company to have the PMI released or waived. I have never been late on a mortgage payment, I have had several conflicting communications from Chase bank regarding my mortgage - for example they sent me a communication if I opened an account and had my mortgage automatically deducted I would be entitled to a 2 % kick back on my mortgage interest. When I signed up and reviewed my mortgage the next year, I called only to find out I had been lied to and was not entitled to the program because another bank had sourced the loan from them ... so although they were the loan servicer immediately I was not entitled to the program they marketed and told me I was entitled to. I do not want to pay {$110.00} ( unless they plan to put it on my principal of my loan ) to get rid of a forced fee, they are not entitled to. Today I was notified that XXXX - was the one requiring that the PMI remain on the loan UNLESS I ordered a BPO. I spoke to XXXX last week thinking they could help me. The XXXX rep informed me that my PMI being waived or released had nothing to do with XXXX and that was solely dependent on the mortgage lender. So now Chase is saying oh no it 's XXXX requiring this. Please, please help me!

Company response to consumer: Closed with explanation