Consumer complaint received 2019-02-04
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: LoanCare, LLC (MA)

We currently have our mortgage with LOANCARE, other names listed on our statement is XXXX XXXX, XXXX XXXX XXXX XXXX XXXX, VA XXXX XXXX XXXX. 
Problem # 1. our home value listed on our account page is listed as XXXX. That was an appraisal that was done XXXX XXXX ( * by LOANCARE paid for by US at our request ). Our principal balance is currently at XXXX which puts us at a 73.79 % LTV. LOANCARE has the LTV listed incorrectly they have it listed at 79.3 % LVT. that is a data error on their end. They are refusing to correct their error. I believe they are using an old appraisal and refuse to calculate the LTV with the current home valuation as it is listed on our loan account. 
We had in the past missed payments but our mortgage was brought current as of XX/XX/XXXX. All fees were paid and made completely current as of that date. Starting as of XX/XX/XXXX our mortgage was completely current and at the point our home value was XXXX, our principal was XXXX at that point it made our LTV 75.46 %. 
According to the Homeowners Protection Act of 1998 ; PMI will automatically terminate as soon as your loan to value reaches 78 %. Because of their error in calculation it has not automatically stopped. Starting as of XX/XX/XXXX we should not have been paying our PMI insurance of {$240.00}, this now 13 payments we have made totaling {$3100.00}. 
Because of the error in their data we did not realize that their was an incorrect LVT. We had first reach out to them in XXXX, XXXX to request cancellation. At that point we received a generic letter, XX/XX/XXXX stating they would not cancel because of the late payments we had in the past. That I would understand if we were at an 80 % LTV. Again we reached out in XXXX, XXXX and received the same generic letter XX/XX/XXXX. We have place multiple phone calls with customer service and not one person can admit to the incorrect calculation with our home LTV. This is fraudulent incorrect data. They are in complete violation of the Homeowners Protection Act. I've discussed with them every time I call and they give generic lines to us and state there is no one in the PMI department we can talk to. They say they will escalate to a manager and we will get a call back which we never get. We again reached out and got a letter XX/XX/XXXX with the same generic response " Your monthly payment must be current at the time of the cancellation request ; and you must not have made a payment 30 days or more past due in the last 12 months ; and no payment 60 days or more past due 12 months before that. '' I understand that statement if we were at an 80 % LTV, but we are NOT. We currently are at 73.9 % according to the law PMI is automatic at 78 % as long as you are current ( which we have been since XX/XX/XXXX ) regardless of payment history. 
Again a call was placed to LOANCARE on XX/XX/XXXX we again could not get any help with correcting the incorrect data in regards to our LVT to have our PMI stopped. I asked to speak to a manager and was told they would call me back. They called back and acted as if they could not hear me and hung up. I try calling back and am on hold for 1 hour and minutes. 
I want the corrected LVT and I want a full refund of the PMI that we should not have been paying since XX/XX/XXXX which is {$240.00} X XXXX {$3100.00}