Consumer complaint received 2023-04-09
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: Brightfunders, LLC (GA)

The loan originated back in XX/XX/XXXX with XXXX XXXX. My conventional loan was moved to Lower Servicing in XXXX of XXXX. 

After my loan reached two years ' maturity, on XX/XX/XXXX, I requested the escrow account to be removed from my conventional mortgage ( XXXX XXXX ), which was now being serviced by Lower. I was informed I'd have to have PMI canceled, which I didn't quite understand, as my PMI was prepaid fully at closing. However, I was open to the re-appraisal, which I knew would bring my LTV below 80 %. 

I received an official letter from Lower in XX/XX/XXXX directing me to send in a letter requesting the appraisal with the {$100.00} appraisal fee paid by check. I sent both to them via certified mail, delivered XX/XX/XXXX. 

I then learned in XX/XX/XXXX, that they could not locate the check. I had to place a stop payment. Lower refunded my stop payment fee to the principal and collected the {$100.00} appraisal fee over the phone. 

In XX/XX/XXXX, I received a letter notifying me that PMI could not be canceled because my loan had prepaid PMI at closing. There would not be a need for an appraisal. 

Again I requested to have taxes and insurance removed from escrow on XX/XX/XXXX. The customer service manager, XXXX XXXX, assured me this was a routine request for conventional loans that are in good standing. She also stated she would escalate the request. 

After another 2 months of back and forth with phone calls and emails on XX/XX/XXXX, I received a letter via email denying my request to remove escrow due to my LTV being above 80 %. I was then told my loan was ineligible for an appraisal for current market value per XXXX XXXX regulations on waiving escrow. 

However, when I reviewed the regulation quoted to me ( XXXX XXXX 's Loan Servicing Gude Section 8201.1 ( b ) ( ii ) ), it clearly states that either the conventional loan can be below 80 % LTV original value OR the loan can be in good standing, not having any past due payments in the last 6 months. The regulation also states that there is no waiting period for a borrower to request a waiver of escrow. 

I forwarded this information to XXXX XXXX, a customer service manager. She at first tried to say LTV was based on original value only and my loan does not qualify unless I pay down the principal. She then read the XXXX XXXX regulations I sent and stated she would forward this information to their Director of Loan Servicing and Escrow team and follow up when she hears back. 

It has been over 7 months since I began the ordeal of simply requesting escrow be removed from my conventional loan. This is a standard request for conventional loans in good standing. The request does not require XXXX XXXX approval and is simply a decision to be made by the loan servicer. 

I am very frustrated with the clear lack of understanding, poor communication, lack of customer care, and inability to escalate customer concerns demonstrated by Lower and its entire customer service and escrow team. This has truly been the worst loan servicing experience I've had ( third mortgage, fourth servicer ). 

I am seeking a final resolution to the request I submitted back in XX/XX/XXXX. I've waited long enough for Lower 's team to figure this out. Lower 's customer service when getting customers to close loans with them should extend to when they are servicing loans for customers. A mortgage is a significant investment, and I feel they know they have leverage, so they treat customers poorly. 

Again, I am seeking a final resolution to the request I submitted back in XX/XX/XXXX to remove/waive my escrow account. I also hope Lower develops greater accountability for processing customer requests and responding to email correspondence.