Consumer complaint received 2015-11-06
Product: Mortgage — Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account — 
Company: JPMORGAN CHASE & CO. (MN)

In XXXX, XXXX, my wife and I re-financed our condo to a 15 years fixed rate conventional loan. Since our LTV ratio was above the XXXX ratio, we were required to pay PMI.Based on discussions with the lender & our loan agreements was the PMI would be automatically removed when at 78 %, which is in line with the Homeowners Protection Act of XXXX ( " HPA '' ) .The original lender was XXXX XXXX XXXX XXXX XXXX Recently, Chase took over the loan.Our ordeal started on XXXX, when I called Chase to have our PMI removed and refund the already paid PMI because I realized that our LTV was at XXXX, which is below the 78 % automatic termination of PMI in accordance with HPA and my original loan agreements ( note : Based on the amortization schedule, our PMI should have dropped on XXXX/XXXX/XXXX when the LTV ratio dropped to 78 % ) .Listed below is a chronological order of events. ( note : Our property is based in XXXX, USA but we currently live in XXXX ) XXXXXXXXSpoke to Chase rep., inquired about PMI cancelation.Was told that Chase will analyze & call me within 3-4 business days. 
XXXXXXXXSince I had n't heard from Chase for 10 days, I demanded to speak to a supervisor.A senior specialist starting telling me that the investor for my loan is XXXX, who requires LTV to be XXXX for the automatic cancelation.Off course I was baffled by this & explained to her that this is in violation of the Federal law HPA and my loan agreement which clearly indicates that my PMI will be automatically canceled when the LTV reaches 78 % .I requested her to mail all my loan docs.She was very persistent that the LTV should be XXXX. 
XXXXXXXXI spoke to another Chase senior specialist.Explained to her the issue again & told her my loan agreement is in line with HPA & PMI should have been terminated on XXXX/XXXX/XXXX when LTV hit 78 % .She was unable to locate the PMI disclosure from my original loan agreement & promised to call back ( Note : I had requested my in-law to scan me the PMI letter that Chase had sent, which was essentially in line with the HPA ( i.e. automatic cancelation at 78 % ) XXXXXXXXCalled the Chase senior specialist ( Since she gave her extension ) but it went straight to her voicemail.I left her a voicemail to call back & explained that Chase PMI letter indicates automatic cancelation at 78 % & to please resolve this matter asap. 
XXXXXXXXChase senior specialist had called me in the middle of the night.Called the Chase senior specialist but it went straight to her voicemail again.I called her numerous time but all the calls went straight to her voicemail.Left her a voicemail to call back. 
XXXXXXXXCalled Chase and spoke to another senior specialist.She indicated that the investor is XXXX ) requires an appraisal & mentioned that this is also indicated in the letter that chase send me.I disputed with her & told her that the letter indicates automatic removal of PMI at 78 % & not appraisal.I told her all the Chase reps so far have been giving me fraudulent information & this is in violation of Federal Laws and my original loan greements.She disagrees with me & tells me that 's what the investor ( XXXX ) requires and Chase can not do anything until they receive the appraisal from me. 
I asked her to send me the letter that indicates the appraisal requirements.She said I should get the letter in 7-10 business days.I told her that this is absurd and is in violation of Federal rules, my loan agreements, etc. & that I 'm going to file a formal complaint & consider taking legal actions against Chase for putting me in this situation. 
As you can see from the above set of events, Chase is just trying to send me in circles and giving me all these fraudulent information. I 'm pretty certain that this is how they have been treating innocent Americans like myself to try and rip them off. It also seems pretty apparent that Chase does not have proper Compliance program to monitor compliance with the HPA.