Consumer complaint received 2017-04-30
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: Freedom Mortgage Company (FL)

We have been in communication with  Freedom  Mortgage since   XXXX   XXXX   seeking PMI to be removed from our account. We are VERY frustrated  Freedom 's  lack of communication and incorrect information.     In   XXXX   XXXX   I contacted  Freedom  to request that our account be reviewed for the PMI to be removed. I was told that was had to pay for an appraisal out of pocket. On   XXXX   Freedom sent a letter saying that we needed to use  XXXX  Services and pay {$470.00}, which we complied. The appraisal was completed a few days later by  XXXX   XXXX , who while on our property stated that {$470.00} is WELL-above what he charges for an appraisal. On  XX/XX/XXXX  a denial letter was sent to us, stating that our property appraised for {$360000.00}, which was less than 1.5 % above the required 75 %  XXXX  mark.  Freedom  ( and the  XXXX  ) did not even provide me with a copy of the appraisal. On   XXXX   I emailed the following to Freedom : " Good morning, We formally requested that at PMI be removed and as such, paid {$470.00} for an appraisal via a company of Freedom Mortgage 's choice. We received a denial letter in the mail yesterday but have NOT received the actual appraisal report.     I a m formally requesting a copy of the appraisal report ( including comps used ) sent to us since we paid for it. Additionally, I would also like to be provided with the information on how to appeal the findings. Per the letter, we are less than  1.5 % away from approval. The appraised value is also very low based upon very recent sales in our community of well over $  XXXX  and all of our home 's upgrades.     Please send me the report and appeal information. '' On  XX/XX/XXXX  a letter was sent to me with a copy of the appraisal but  Freedom failed to send me the process to appeal the appraisal and decision. Once again, I called Freedom Mortgage. This time I was spoken with terribly ( and incorrectly ) fro m a customer service agents,  XXXX . I called back shortly thereafter and spoke with another representative, who had the appraisal sent to me again, but still no appeal process was explained. I called yet again ( also in regards to a change in  XXXX   XXXX   XXXX   )  and a representative advised me to send an email appealing, which I did on   XXXX       On   XXXX   a letter was sent to me stating that  XXXX  has 30 days to respond. As o  XXXX   XXXX   XXXX   XXXX   this issue still has not been resolved.     Furthermore, on  XX/XX/XXXX  Freedom sent us a letter in regards to an   XXXX   XXXX     that we do not even have. As such, I called  Freedom  yet again! At this point, I was told that the FHA letter was sent by mistake. This of course was yet another huge concern with Freedom Mortgage, as not only are we not getting answers, but also being sent incorrect information. That same representative also told me that we are in a " gray area '' because with the current appraised value of $  XXXX  that in approximately   XXXX   XXXX   the PMI will fall off anyways as we would then hit the required 75 %  XXXX . I also inquired about the escrow analysis as I knew it would occur in  XXXX , yet was told by the representative that Freedom ONLY does escrow analysis in  XXXX .     I also called  Freedom  again on  XX/XX/XXXX  inquiring about my " 30 day '' response to my appeal and was told that  Freedom h ad until  XXXX  to respond but due to all of the inaccuracies it would be escalated to a three-day response. Yet, I STILL do not have an answer.     On   XXXX   we received the escrow analysis in the mail. Again, when I questioned it taking place in  XXXX , I was incorrectly told it would happen in  XXXX . Another example of inaccuracies from Freedom Mortgage. Upon receipt of the escrow, I called to inquire about that, as well as my pending PMI appeal that we do not have an answer to. I was told that a letter was mailed on   XXXX   ( which we have not received ). The representative read the letter aloud to me, which does not even address the actual appraisal just the fact that  XXXX  was not met. Furthermore, he told me that we are roughly {$4000.00} short ( need to hit $  XXXX  ) and that this is due by   XXXX   as the appraisal is set to expire then. I was flabbergasted by this as an appraisal expiration date/deadline has NEVER been mentioned ; it is no where on the actual appraisal nor on any of the letters sent to us by  Freedom  Mortgage. He also told us that after  XXXX , our appraised value will " reset '' to the sale price of $  XXXX  and we would be forced to pay ANOTHER {$470.00} to continue the process of PMI Removal. That is unacceptable, especially since  Freedom  has repeatedly failed to respond in a timely manner or accurately. I was also told that I had to call iMortgage services myself to appeal the appraisal. Yet, when I did so via email, I was told that the information was once again incorrect, that ONLY the lender ( Freedom ) can order an appeal. As such, I promptly made Freedom aware of this.     I also threatened to file a complaint against Freedom mortgage with CFPB and the   XXXX  . At which point, I was able to speak with  XXXX  in the NJ  Office and    XXXX  in the   XXXX    Office. Both staff members assured me that our apprais al would be appealed. On  XXXX / XXXX / XXXX ,  XXXX  assured me that she would personally monitor our case, as well as provide me with a phone call update. Furthermore, she called a second time and stated that in order to appeal the appraisal, I needed to provide  Freedom  with a list of neighborhood comps. This was alarming and disconcerting to say the least, especially since we are not real estate professionals. No guidance or direction was given. As such, we researched  XXXX  as that is the only public access we had to recent sales. We provided them with the following : " Per a phone call from Escalation Specialist,  XXXX , we have now been requested by Freedom Mortgage to provide our own feedback in regards to the Appraisal. As such, our comments are as follows : Neighborhood Comps have continued to rise during   XXXX   with recent similar sales ranging from $  XXXX .    XXXX   XXXX   XXXX  ( comp #  6 ) listed on our appraisal as a supporting comp, but it is curren tly sales pending at full asking price of $  XXXX .   We question why comp # 4 (  XXXX   XXXX   XXXX   ) was  not used as comp # 3 (  XXXX   XXXX   XXXX  as it is a more recent sale (  XXXX   XXXX  vs.  XXXX   XXXX  ) and would have more weight in the appraisal, since comps  XXXX  are simply supportive.    XXXX   XXXX   XXXX   XXXX   XXXX  with pool sold on  XXXX / XXXX / XXXX  at $  XXXX .    XXXX   XXXX   XXXX   XXXX , which is a  XXXX  patio home, sold on  XXXX / XXXX / XXXX  for  XXXX .    XXXX   XXXX   XXXX   XXXX   XXXX  a BANK-OWNED  XXXX  that sold on  XXXX / XXXX / XXXX  for $  XXXX .    XXXX   XXXX   XXXX  was a  XXXX  with no pool and original finishes and sold for {$340.00} on  XXXX / XXXX / XXXX .   Based upon increasing neighborhood values AND our over {$40000.00} in recent upgrades to our home, we kindly request that our appraisal please be re-reviewed.   Additionally, after speaking with Escalation Specialists,  XXXX   XXXX   XXXX , we received a phone call, an email, and the attached letter last week the mail directly from  Fre  edom Mortgage in an attempt to change our current terms to a " Ca  sh Out Refinance ''. On the attached document, Freedom Mortgage clearly states that our Estimated Home Value is {$3 70000.00}.     Please let us know if you have any additional questions or concerns. We look forward to hearing from you for resolution in the VERY NEAR FUTURE. '' On  XXXX / XXXX / XXXX , we received a standard letter stating that concerns were added to the appraisal addendum but value had not been changed ; PMI Removal Denied. I  promptly followed up with yet another phone call to Freedom. We were provided with a copy of the appraisal and new comm ents, which stated that the comps we provided were n't active at the date of the appraisal and hence were n't accepted. Should n't some direction been provided to us? Information that we were asked to provide was now being used against us.     Adding insult to injury, during this  XXXX  debate,  Freedom has repeatedly called, emailed, and mailed us correspondence trying to get us to refinance with them to a much higher interest rate. Furthermore, on their own documentation, they clearly state that they estimate our Home Value to be {$370000.00}, which coincidentally  is enough for the PMI to be easily removed.     On   XXXX   I once again spoke with  XXXX  asking for answers and resolution. She advised me to email Freedom over the weekend with my concerns, which I complied : " Dea r Freedom Mortgage Customer Care, Per the receipt of a letter dat ed   XXXX   denying our request for PMI Removal and multiple phone calls with your Customer Service  Representatives , I am writing to dispute the following : Due to lengthy delays on the part of  Freedom Mo rtgage, this process has gone on for  XXXX  months now ( we started the initial request in  XXXX   XXXX  ).     Most recently, I was requested by  XXXX  to provide our own neighborhood comps to dispute the appraisal. I did not promptly, without being a licensed real estate professional, based upon what information I could find on public real estate websites, which is clearly a disadvantage. Now, I am told that this information that I provided is being used against us. In fact, I have been asking for the appraisal to be reviewed from the very start, yet Freedom repeatedly failed to do so. I dont even know if the  XXXX  even looked at our info and/or reordered the comps as requested, as all we were provided was a standard letter saying  XXXX   XXXX .     Furthermore, while we have appealed this process,  XXXX  has continually repeatedly harassed me to refinance our mortgage with multiple phone calls, emails, and mail solicitations ( see below ) on a daily basis. Even more insulting is why the question appraisal states that our home value is only {$360000.00}  (  which is well-below neighborhood comps ), Freedom repeatedly provides me with documentation stating that our Estimated  XXXX   XXXX  is {$370000.00}. I also received a  XXXX  from  XXXX   XXXX   XXXX  #  XXXX  who stated she had received our updated home value and to call her back to discuss. I promptly did so, thinking it was related to our PMI Appraisal. Unfortunately, I discovered quickly that it was a cold call from Freedom once again asking me to refinance.     Over these past 5 months, neighborhood comps have continued to rise, which was provided in the email on  XXXX / XXXX / XXXX . Since that time,  XXXX   XXXX   XXXX   XXXX  is now listed at {$400000.00} and  XXXX   XXXX   XXXX   XXXX  is listed at {$380000.00}. While I understand that these are listings and not sales YET, they are indicative of our homes value. Should we decide to list our home, I have no doubt that it would be listed within that range as well.     I was told by a representative in   XXXX   that our Appraisal will expire on  XXXX / XXXX / XXXX  and that our home value will Reset to the original sales price of $  XXXX . Is this accurate or not? No one seems to be able to answer this question, that I have asked on each and every phone call since.     Based upon the recent denial ( which we STILL dispute ), what are our options? Those have yet to be explained to us ; all  XXXX  provides us with is a standard denial letter.     At this point in time, I am requesting answers in regards to whether or not our appraisal expires on   XXXX   as well as our options.     Additionally, I am also requesting for  XXXX  Mortgage to order AND pay for a new updated appraisal. This is based upon the lengthy delays, inaccurate information repeatedly provided  ( esc row information, FHA letter, etc as documented in emails on  XXXX / XXXX / XXXX  and  XXXX / XXXX / XXXX  ) and overall failure to resolve this issue in a timely manner or at all. Please also note that during our appraisal, the  XXXX  asked me how much we paid  XXXX  {$470.00}  )  and he responded with a smirk that the amount is  MUCH  higher than what he charges. As such, I am not willing to pay another {$470.00} out of pocket, as that is even dishonest, much like this entire process.     Furthermore, I am moving forward with filing a complaint against Freedom Mortgage with the Consumer Financial Protection Bureau and Better Business Bureau.     Thank you. I look forward to a phone call at # # # - # # # - # # # # with answers on how to resolve this matter promptly. ''  XXXX  assured me that she would follow up. She called again on Monday and said my email was received and she would return my call by  XXXX / XXXX / XXXX . As of  XXXX / XXXX / XXXX , I have not heard from her about resolution.