Consumer complaint received 2021-08-02
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: BSI Financial Holdings, Inc. (AZ)

XX/XX/2021 - Started my inquiry in regards to the removal of PMI to my knowledge, I just needed to be at or below 80 % loan to value. This was verbally confirmed by a BSI representative. 
XX/XX/2021 Company also has a record of me calling in to request a document and/or information to confirm how to remove PMI I am unsure on the exact info requested on this date, but I have checked that there was a call in about PMI on this date.

During all inquiries I was told that a letter requesting removal and an appraisal supporting value was needed because per my account, they do not show that it has enough value from original purchase amount. This is expected that they needed further documentation but I was not advised as to anything besides an appraisal and a letter that was needed, and I was informed that there was no information that could be sent in regards to confirming what was needed to do so. 

XX/XX/2021 Scheduled the appraisal for XX/XX/2021 paid {$370.00} for the report XX/XX/2021 Received the appraisal report and sent to BSI for removal of PMI Sent with a copy of the appraisal, last mortgage statement, and a signed letter in regards to my request XX/XX/2021 called back in to check on status and that it was received, it was not, so I forwarded the original email and confirmed receipt XX/XX/2021 by a representative XX/XX/2021 Received a call that a letter in regards to property improvements was needed to now remove PMI. This was never advised and no information stating that was ever given to me in any initial calls. I asked what kind of improvements were needed and why, the representative stated that there had to be a reason as to why value improved. I was confused and did not know what upgrades/improvements so I made a list and sent it. Called to make sure it was received and was told 30 days later I would have a decision. 

XX/XX/2021 Called BSI to check a status on the request since it had now been 30 days. Was advised that I would get a call back because they didnt know a status per the notes. Got a call later in the day that mortgage insurance would not be removed due to not having enough value I was told I was at 90 % loan to value, even though my appraisal shows {$350000.00} and my loan amount is under {$270000.00}. I was told that I would get a call back about what appraisal value I was needing to be under 80 % I spoke with Fannie Mae on XX/XX/2021 as well and learned of the online servicing guide which tells exactly what is needed and what requirement must be met to remove PMI. This was never mentioned. I also learned in a later phone call to XXXX XXXX that an appraisal that I ordered would never be useful in the removal and was not acceptable as a document to remove PMI and that it had to be ordered by the servicer. 

As of XX/XX/2021 I have not received a call back and am currently on hold because on XX/XX/2021 when I called back to inform that I knew I had spent money now for no reason, I was told that I would get a call again and it looked like I would get an exception. Now I have been told that I can dispute it via mail, got sent to a supervisor voicemail, and am still on hold after I called back.