Consumer complaint received 2019-02-06
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: Caliber Home Loans, Inc. (TX)

I purchased my home in XX/XX/XXXX for {$250000.00}. It was in need of work throughout, so we put 5 % down knowing we had a lot of remodeling ahead. As of today, weve invested almost {$40000.00} toward improving the inside and outside of the home, plus the market in our area has continued to improve. Between our renovations and the market improvements, our home is now worth significantly more than the original purchase price. 

I contacted our mortgage company, Caliber, in early XX/XX/XXXX and requested they secure a Broker Price Opinion, which is the first step in having our PMI removed. We pay around $ XXXXmonth in PMI and want that gone now that weve done so much remodeling. Their paperwork mirrors XXXX XXXX  policy on PMI removalif a loan is less than 2 years old but significant improvements have been made, PMI can be removed based on its CURRENT loan to value. 

The BPO was performed on XX/XX/XXXX, and Caliber sent me my copy of the BPO on XXXXthe appraiser documented much of our remodel work in the BPO and opined the value went from {$250000.00} to {$280000.00}. We owe approximately {$230000.00} on the home, so we knew wed need to pay XXXX {$9500.00} to bring the balance to 80 % LTV based on the new appraisalnot a problem at all, were happy to do it and Caliber had assured us this would be an option shortly after we closed on the home and began remodel work. 

I reached out in early XXXX via phone and was told several inaccurate thingsthe loan wasnt eligible for PMI removal because it was less than 5 years old, another representative told me it needed to be at least 2 years old to be eligible, and finally a third rep told me my loan would need to reach the maturity date for PMI removal regardless of any increase in value, BPO, or early payments. 

In frustration I opened a complaint with the CFPBfor some reason this is no longer in your system, but I did get a call from a nice woman who encouraged me to communicate in writing with Caliber creating a paper trail and avoiding the folks in Customer Service who likely dont know what theyre talking about. 

Ive been messaging Caliber for 2 months now, and theyve done nothing but make their incompetence clearer and clearer. Im very clear in my messagesIm seeking PMI removal, Ive had a BPO done, my balance is X, my current value is Y, significant improvements have been made as documented in my BPO, please confirm a payment of Z will bring my LTV to 80 % and my PMI will be removed. In response to these clear messages Ive received 2 BPO request forms ( the same form I completed to start the process, as if Id never had one done to begin with ), one incomplete form letter saying my LTV is ( blank ) and that my home isnt eligible for PMI removal because the loan is less than 2 years old, another form letter stating my LTV is 83 % and not eligible for PMI removal, and yet another that didnt seem relevant to my situation whatsoever. Ive asked on several occasions to have a case opened and a manager assigned to assist me, someone with a name and a direct phone number who knows what theyre doing, and I get told things like, Yeah I understand your frustration, Ill have a manager reach out in 24-48 hours, only to hear nothing in return. 

I threatened to file a lawsuit on XX/XX/XXXX and noted their conduct appears intentional and was assured a manager would call me. I received a call me back in 24 hours. I received a call from XXXX in Collections on XX/XX/XXXX while I was tied up and asked if I could call her backshe agreed that I could call her back, but Id need to call in through the 1-800 number and ask a Customer Service rep to transfer me to her. I called back on XX/XX/XXXX, left her a message requesting she call me back, and didnt get my call back until XX/XX/XXXX. 

When I finally got to speak with XXXX in Collections, I politely explained my frustrations and what Id been trying to do. She agreed to help get my information to the PMI Department and asked many questions. Finally, toward the end of the call, she advised me we have little time to get all this sorted out because my BPO will expire 120 days from completion. I had no idea their egregious incompetence was my barrier this whole time while a deadline closed in. This sent me through the roof. XXXX in Collections took my information, and agreed to call me back in the same day. 

I missed her return call, but callled back a few moments later and a Customer Service rep refused to transfer me to her and instead read me the last note XXXX in Collections had posted to my fileevidently the PMI Department has now lost my BPO and theyd like me to send them my copy by fax. 

Im nearly 3 months into this, and have come to expect nothing but ignorance from these people, and whats worse, my only out is to refinance my home with another company or pay the loan in full as I work against what seems like a constant barrage of roadblocks intentionally set to prevent me from getting my PMI removed. Id be happy to jump through their hoops, send before and after photos of the work weve done, cleared checks, a list of the work, vendors, and associated costs, but Im not even being asked for these things. Instead, I keep getting told to go back to square one and request another BPO. Is this what theyre pushing me to do in hopes the next BPO will come back with a lower value than the first? I hate to think thats the case, but its hard to imagine these people are just careless and not a single bit of what Ive been put through is intentional. 

Please help me, I have no idea what else can be done. Im preparing a draft complaint and hope to get it to their Legal Department, but Id really prefer they do whats right, confirm I can make a payment of $ X.XX and my PMI will be removed, then I can focus on getting my loan paid off.