Consumer complaint received 2022-10-14
Company: FIFTH THIRD FINANCIAL CORPORATION
State: GA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I have a big problem there with my mortgage company, 5/3 Bank, because I'm trying to cancel this PMI charge since XX/XX/XXXX, and nobody could help me there. 
This PMI show up on my statement in XX/XX/XXXX without any reason and no one told me anything about it. It cost me almost $ XXXX. 
I talked with several people over the phone and in the branch and all of them told me, they should not charge me this PMI. Thats what they told me at beginning of this mortgage, youll not have PMI. Then they started charging me PMI in XX/XX/XXXX. 
I got this mortgage as construction loan to build my house and I paid off my land. 
They told me if I paid off the land, Ill not have PMI mortgage because the land that time was over 20 % of the loan. 
I started this construction loan in XXXX and it finished in XX/XX/XXXX, then they converted it to conventional mortgage, then they started charging me PMI because they didnt do any new appraisal when the house was finished. So, they should have done a new appraisal before they convert it to a conventional mortgage. 
Since that time, Im keeping calling them and they always said, they will fix it but they never did anything. 
Im paying for this wrong PMI for more then 2 years and I want cancel it and have all my money back because they should never charge me that, and Id like to have my payment amount as is on the note, {$1800.00}. And Ill pay myself the Property Tax and Homeowners Insurance without any problem. So, please remove that escrow account too. 

They order an appraisal that I paid for in XX/XX/XXXX, then I got the appraisal letter from 5/3 Bank in XX/XX/XXXX saying my house value is $ XXXX and my mortgage was $ XXXX. They told me before this appraisal, if the house value is more than 20 % of the loan they will cancel the PMI but they didn't remove it yet. 
It was almost 40 % of my mortgage balance that time. 
Today my house is over $ XXXX and the PMI still there. 

Attached you have an email from XXXX XXXX ( financial center manager ), from a branch close to my house, who looked carefully all my closing documents, and told me they should not charge me this PMI. Then She also told me they will fix it but they never did. It was in XX/XX/XXXX because I was tired to wait for the escrow department to fix the PMI problem. 

Now, Im a retired and I dont make enough money to pay this $ XXXX for this PMI. 

Do I need to get an attorney to finish it? 

I also got a letter from the bank last week about escrow account ( see attached ) and they said there, that Ill have to pay property tax {$4900.00}. Its wrong, my tax this year is only {$1300.00} ( see attached ). Because this tax wrong and the PMI wrong, this escrow account went to the roof and my monthly payment went from {$2200.00} to {$3200.00}. How am I going to pay it? I dont have this money. Thats why Im asking to remove this escrow account and Ill pay my insurance and property tax myself. 
I called the bank about it too and they said they can not remove it and I must pay everything. That is it. They dont help me in anything. 

That is why Im asking you to help me here with this bank. 

My situation changed in XX/XX/XXXX when I was pushed to retire because the covid. 
As retired now Im making a total around $ XXXX. 
I got the forbearance and its finishing this month. Next month Ill have to start my mortgage payments again, but I have to have the lower payment of {$1800.00} ( amount without escrow acct and PMI ). 

Please, help me here. 

I will Attach : 1 Closing disclosure take a look, NO PMI there 2 Email from 5/3 Bank Financial XXXX XXXX XXXXXXXX XXXX Appraisal XX/XX/XXXX - $ XXXX almost 40 % above the loan amount. 
4 Property Tax Due XX/XX/XXXX XXXX Escrow account statement wrong ( 2 pages ). Notes on the page 2. 
6 - Mortgage Note Let me know please. 
Thanks.

Company response to consumer: Closed with explanation