Consumer complaint received 2018-03-13
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: U.S. BANCORP (MD)

In XX/XX/XXXX, I called to request information on canceling Private Mortgage Insurance ( PMI ) on my 30 year fixed mortgage with US Bank. I was promised information would be mailed right away. 10 days later I called again because no information had been received. Boilerplate language acknowledging my right to request cancellation of PMI if my Loan-to-Value ( LTV ) was 80 % or lower was included in my XX/XX/XXXX statement, but no instructions for requesting cancellation of my PMI were included. On XX/XX/XXXX, I sent a secure email through US Bank 's mortgage system requesting that if my property did indeed need to be re-appraised or have it's value certified, US Bank should provide me a list of suitable appraisers and their fees. XXXX XXXX XXXX  (XX/XX/XXXX ) secure email response said the message was forwarded to a PMI specialist who would respond and inviting me to call Customer Service Center ( CSC ) at XXXX for further assistance. No PMI specialist contacted me so I called XXXX  and was told that instructions would be mailed in 10 business days. When said instructions arrived, they included only the same boilerplate language acknowledging only my right to request cancellation of PMI. I once again called XXXX ( around XX/XX/XXXX) and was informed - for the first time - that all PMI cancellation requests had to be mailed, in writing with a check for {$490.00}. After some research, the XXXX representative was able to provide me an unlisted XXXX XXXX XXXX XXXX XXXX, MN. The check and written request was mailed XX/XX/XXXX. I sent a secure email and called on XX/XX/XXXXto inquire that the check was received and what the timeline would be and was told by XXXX XXXX  ( XXXX  ) on XX/XX/XXXX that the message was forwarded to " the appropriate department '' ; however, I received no update or further communication concerning this request. The check was depositedXX/XX/XXXX and an appraiser contacted me XX/XX/XXXX and promptly conducted the appraisal on XX/XX/XXXX. The results of the appraisal ( $ XXXX above Original value ) were received by US Bank on XX/XX/XXXX. 10 days later, I called XXXX   AND sent a secure email requesting an update on the PMI cancellation request. I have been told the " PMI team '' was busy researching the requirements for PMI cancellation for my mortgage.No timeline has been offered, and my requests to speak with a member of the PMI team were denied. The XXXX rep explained PMI is paid " in arrears '' and therefore, I will continue to pay for PMI policy in XX/XX/XXXXand potentially future months. My XX/XX/XXXX secure email checking on the timeline has gone ignored. I have never been late on any payment.

I contend that, ( 1 ) US Bank Home Mortgage has not been transparent in disclosing the protocol for requesting cancellation of PMI, a right they only acknowledge in general terms, ( 2 ) their own instructions and communications show fail to specify what they will do and when, and have failed to comply each time a next step and " 10 business day '' time frame was mentioned, ( 3 ) that they accepted fees of {$490.00} - well above what was paid to the appraiser - for services that were not performed in a reasonable amount of time, and that ( 4 ) all of these actions pass significant cost ( in terms of time, fees and unnecessary PMI payments ) onto customers like myself.