Consumer complaint received 2022-08-08
Product: Mortgage — Other type of mortgage
Issue: Trouble during payment process — 
Company: LD Holdings Group, LLC (WA)

When we applied for our mortgage in XXXXXXXX XXXX  XXXX and throughout the loan process which was completed in early XX/XX/XXXX we where told that our loan would include private mortgage insurance that we could have removed from our loan once certain requirements where met. 

On XX/XX/XXXX I contacted loandepot to start the process of removing PMI because our house had significantly increased in value. I was told to submit a request through email and that loandepot would respond to me within 30 days. I did not hear anything back from loandepot, so I sent them a follow up email on XX/XX/XXXX to inquire of the status of the request which also went unanswered until XX/XX/XXXX. When loandepot did finally get back to me they told me that my loan did not have PMI on it like we had been told several times during the loan process, but a fee paid to the USDA so they where unable to remove it. I sent a follow up email on XX/XX/XXXX explaining that we where told we could have it removed that also went unanswered until XX/XX/XXXX which said that they could not do anything and my loan was getting transferred to another servicing center so I would need to start the process over again once the transfer was completed. 

Again I started the process with loan depot in XXXX about the removal process, was told I would receive a letter from loan depot about it, and that they had 30 days from the date of the letter to answer my response. I did not hear anything from loan depot for 2 months, so I called them on XX/XX/XXXX to inquire of the status of the request. I was told that they where unable to remove the PMI from my loan because of the type of loan that I had, I asked to speak with someone in their escalations department because I had spent nearly six months on trying to get this resolved with no follow up from loan depot and was never told that we would be unable to remove PMI from the loan. 

The escalations department told me they would call me back on XX/XX/XXXX and that I would receive an email with contact information, I didnt receive either. I called on XX/XX/XXXX and was told I would be called back on XX/XX/XXXX. I did not get called on XX/XX/XXXX. I called this morning, XX/XX/XXXX and was able to get a supervisor to return my call in the afternoon. He told me the same thing, that I was going to be transferred to the originations department because they should have verbally disclosed to me that the mortgage insurance on the loan was an annual fee and that it would be required to be paid over the life of the loan. 

Ive been working on this for 6 months and feel like loandepot has just been ignoring my request for resolution. I feel like they enticed me into getting this specific loan when I could have gone with another company and gave me false information. Had I been told in XXXX of XXXX that it was not possible I would have refinanced my mortgage before rates went up which is now no longer a possibility because it would cost me so much more to do now. And if I had known the entirety of the mortgage insurance requirements I would not have chosen loandepot as my lender.