Consumer complaint received 2023-07-20
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: GOLDEN EMPIRE MORTGAGE INCORPORATED (CA)

Hello, I am the owner of single family residence XXXX XXXX XXXX, XXXX XXXX, CA XXXX recently purchased on XX/XX/XXXX loan number with GEM is : XXXX While in the process of purchasing the property GEM Provided an internal appraisal which appraised at asking price which seemed peculiar because I thought you needed to have a third party to do an appraisal -- I did not put down the full 20 % down. PMI was added to the mortgage payment at a cost of around {$200.00} per month. Since purchasing the property I have remodeled and upgraded the inside of the entire house, adding safety, efficiency, modernization and green improvements that make it more valuable than when I bought it. 

I have been in contact with GEM Mortgage ( GEM ) because, given the increased values with comparable sales owning the property for more than a year with no derogatory marks on my account -- I pay the mortgage on time with automatic payment. I bought a XXXX from an outside source with a report that the value is worth {$720000.00} last year. The property now qualifies to have the PMI removed since the value of the house and those around me have gone up in value and now equity exceeds threshold for requiring PMI. 

In XX/XX/XXXX I asked GEM to remove the PMI and they said I need to obtain a Broker Price Opinion ( XXXX ). GEM through email said they will have XXXX XXXX at XXXX XXXX XXXX XXXX XXXX XXXX to conduct the XXXX. I was contacted by XXXX to schedule a viewing of the property and send her a list of the XXXX done to the property. I sent the XXXX spreadsheet I made to her multiple times to her email ( XXXX ), because she said she did not receive it. I also had a colleague send the spreadsheet to her and I also sent the same spreadsheet to GEM as well. Upon arrival for the in person BPO with my colleague XXXX had no XXXX spreadsheet stating she did not receive the expense sheet and she will do a quick walkthrough. I requested from GEM a detailed explanation from XXXX. In the report she did not consider all the work that has been done to the property. I did a complete remodel of the entire house including both bathrooms which she did not mention. XXXX I got a letter stating that GEM concluded that based off the XXXX that the valve of the house did not qualify removal of PMI. I requested that I get a detailed explanation of their valuation since it came in so low. On famous websites like XXXX, XXXX the average value of the home comes in at {$770000.00}. I also recently applied for a HELOC for the property and I have a quote done with a BPO with a value of my home at {$780000.00} -- which I have. I have my credit card statement reports and receipts for all the materials I have bought, a summary of all the labor I have done and supplied both XXXX and GEM with details of the remodeled house between XX/XX/XXXX through XXXX XXXX. 


With the value of the house and the improvements I have made I qualify to have the PMI removed. If GEM would like another XXXX issued I would like it to be an outside 3rd party to do the XXXX and move the process along to get removal of the PMI I HAVE MORE PHOTOS OF THE PROPERTY IF YOU NEED MORE PLEASE CONTACT ME Thank you, XXXX