Consumer complaint received 2024-09-30
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Private mortgage insurance (PMI)
Company: FIFTH THIRD FINANCIAL CORPORATION (IL)

My name is XXXX XXXX, and I hold a mortgage through Fifth Third Bank. The account number of the mortgage is XXXX, and the property involved is my primary ( and only ) home located at XXXX XXXX XXXX XXXX, XXXX IL XXXX. I opened this mortgage account on XX/XX/XXXX and have made timely payments since. On XX/XX/XXXX I realized I was still paying PMI, even though my balance on the mortgage had fallen such that it could be removed. I called Fifth Third Bank that day to attempt to cancel my PMI, and was told that this was not possible on the phone. I was directed to email Fifth Third, and sent this message : from : XXXX XXXX XXXX to : XXXX date : XX/XX/XXXX, XXXX subject : PMI removal and refund of excess PMI mailed-by : XXXX Dear sir or ma'am, I write to formally request two things. 

First, I request the PMI on my mortgage ( account number XXXX ) be removed, because I have reached at least 20 % equity in my home based on my sales contract price of {$86000.00} and my current mortgage balance of {$65000.00}. My mortgage is now 76.09 % of the value of my home based on the sales price. 

However, I did notice that the Consumer Financial Protection Bureau states that, in general, servicers must automatically remove PMI when my mortgage passes the 78 % threshold. 

Consulting my account history my mortgage balance as of XX/XX/XXXX was {$67000.00}, corresponding to a loan-to-value percentage of 77.945 %. As of this date, XX/XX/XXXX, it seems that the PMI should have been removed automatically. 

PMI was paid out through escrow on XX/XX/XXXX, in the amount of {$43.00} and again on XX/XX/XXXX and XX/XX/XXXX for a total of {$130.00} in PMI distributions through escrow after my mortgage passed the 78 % threshold. 

My second request is that I be made whole for any and all excessive PMI charges. Whether you cut me a check for {$130.00}, or put the money back in my escrow account, or credit the principal of my mortgage, I'll leave that up to you. 

I see no reason to submit a complaint to the CFPB at this time, provided you grant these two requests in a reasonable timeframe : remove the PMI effective immediately, and make me whole to the tune of {$130.00}. If you keep charging PMI, that number will of course shift upward each time you do so. 

Respectfully, XXXX XXXX XXXX I received this automated reply immediately : Escrow Insurance XXXX XXXX Fri, XX/XX/XXXX at XXXX XXXX  To : XXXX XXXX XXXX You are important to XXXX we want to give your request the time it needs! 

Thanks for reaching out to us. Weve forwarded your email to an Escrow Specialist for review.

What you can expect Most escrow requests need 7 to 10 business days for a specialist to review. 
More complicated requests, like ones involving an Appraisal or Broker Price Opinion ( BPO ) may need extra time. 
If your request needs a written response, well reply to you by letter, using your mailing address on file. 


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On or about XX/XX/XXXX I received two letters from Fifth Third telling me that my PMI was canceled effective XX/XX/XXXX. 

I dispute the refusal to refund PMI payments after my mortgage balance fell below 78 % of the sale price of my home. Consulting my account history, my mortgage balance as of XX/XX/XXXX was {$67000.00}, corresponding to a loan-to-value percentage of 77.945 %. I have now made a total of {$150.00} in PMI payments after my balance fell below 78 %. I request a refund of {$150.00}.