Consumer complaint received 2022-07-25
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: SUMMIT FUNDING, INC. (CA)

There are two critical issues that are negatively impacting my finances caused by Summit Lending : # 1 PMI Removal - I have been unsuccessful in requesting the removal of my PMI. 
# 2 The monthly mortgage payment has fluctuated from {$2300.00} to a proposed {$2900.00}, with insufficient information about the rationale for this drastic increase.

PMI REMOVAL A PMI removal request was made via phone in XX/XX/XXXX. I was informed because of the amount of time I have owned the mortgage, I would likely be denied a 'desk removal ' of my PMI but would be offered the process to have my home appraised. I received a packet of information informing me of my option to request an appraisal late XXXX. 

This information details that an appraisal would be ordered within ten days. 

On XX/XX/XXXX, I mailed a check for an appraisal and completed the PMI Removal Valuation form ( see attached ) and a check for {$320.00} for the cost of an appraisal. 

On XX/XX/XXXX, the check was cashed. 

Around XX/XX/XXXX, I called Summit Lending to check the status of my appraisal. I was informed that the appraisal was not ordered. The representative asked me if I had remodeled my home. I reiterated the information provided on the form mailed on XX/XX/XXXX. 

I asked when an appraisal would be ordered, but I was not provided an answer. 

I have called/emailed to follow up with Summit Lending on the following dates : XX/XX/XXXX XX/XX/XXXX XX/XX/XXXX ( Director of Business Development XXXX XXXX XXXX XXXX XX/XX/XXXX XX/XX/XXXX XX/XX/XXXX Each call ranged from 30-60 minutes ( roughly ). 

On XX/XX/XXXX, I was informed that an appraisal was requested. I was informed I would receive an appointment within seven days.

I have not received any call regarding an appointment for an appraisal.

ESCROW & MORTGAGE PAYMENT Around XX/XX/XXXX - I received a notification that my escrow was being adjusted, and thereby my mortgage payment would increase come XX/XX/XXXX. I called Summit Funding to understand this increase and learned that my escrow was incorrectly re-calculated and modified compared to what was calculated at closing. I closed on my home in XX/XX/XXXX. 

In the interim, I was requested by Summit Funding to pay an escrow deficit of {$6300.00}. 

On XX/XX/XXXX, I authorized a payment to pay this deficit. I was informed by Summit Funding that my payments would increase to about {$2900.00}, even after this {$6300.00} payment to close the gap in escrow. I was told this new escrow spread was due to an increase in taxes. My escrow/impound amount is from {$520.00} to {$860.00} per month - an increase of {$340.00} or roughly a 35 % increase.

Please see the attached escrow analysis.

I have called my local county, XXXX, and they have indicated that they can not explain that increase. Their website indicates property taxes can only increase 2 % each year in the State of California based on inflation : hXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 

As a result of Summit Fundings ' miscalculations in the past and this drastic increase, I have requested a detailed breakdown of the analysis that I was told would be received today.

IN SUM My mortgage payments continue to increase, and Summit Funding continues to demand payments for services not rendered and an escrow spread without rationale. This is severely impacting my ability to plan, per the agreement when this mortgage was closed.

This assistance of the Consumer Financial Protection Agency is greatly appreciated.