Consumer complaint received 2015-04-29
Product: Mortgage — FHA mortgage
Issue: Loan servicing, payments, escrow account — 
Company: Residential Credit Solutions, Inc. (FL)

Unfortunately, we have been paying Residential Credit Solutions Private Mortgage Insurance to the tune of {$250.00} / month for nearly XXXX years, even though our house meets the requirements to remove it. The reason we have PMI in the XXXX place, is that my wife & I got buried in our house ( at that time ) in XXXX, which we bought at the top of the market in XXXX, XXXX. That + relocating cross country to XXXX + switching jobs to be closer to family put us in a financial bind which we 've worked hard to dig out of. So, we did not have the 20 % down payment to put down on our current redidence in XXXX. We purchased our current home XXXX XXXX, XXXX. Both my wife & I have excellent credit. We were overjoyed to discover how the values in our neighborhood have sky-rocketed ( due in part to a brand new XXXX school ), but were told by R.C.S that we had to wait until we were in our home for XXXX years ( XXXX XXXX, XXXX ) before we could apply to lose the P.M.I. So, we did. I never thought I 'd say that I found a company that makes XXXX 's customer service look good, but with R.C.S, that sad fact came to be. We have been writing letters & making phone calls since right before we hit the 2 year point of ownership in early XXXX ( almost 6 months now ). We paid {$470.00} to have an appraisal done, and then the " R.C.S run-around '' started in earnest. Our house, after a XXXX errors ( including choice of comparables & year it was built, which triggered at least XXXX unsuitable comp ) was appraised at {$290000.00}. All we needed was an appraisal in the low XXXX 's to remove P.M.I completely. Had we not lost a small fortune with our house in XXXX and were we not shouldering the P.M.I to the tune of {$250.00} / month, his XXXX appraisal might have been good news. But our realtor quickly produced XXXX comps " averaging '' {$320000.00}, which I forwarded to R.C.S. Then the exact same model home as ours, built a year apart from ours, located less than XXXX block away ... sold for {$330000.00} ... a full {$45000.00} more than the R.C.S appraiser appraised our house for! 
The appraiser, XXXX XXXX, told me that he 'd gladly reconsider with the new comps, but we needed to go through XXXX. When I followed up with him over a month after I 'd re-submitted them to R.C.S, he told me he never even received the ( more accurate ) comps from R.C.S! Now R.C.S reps say that we have to pay another $ XXXX to have yet another appraisal done. Whatever happened to " owning up to one 's own work ... or even mistakes ''?! XXXX of their managers, XXXX XXXX XXXX XXXX XXXX XXXX, indicated to my wife that she would work with us ( over a month ago ) so we rushed down to the XXXX store and paid to have the ( accurate ) comps faxed to her personally ( even though R.C.S had had them since XXXX XXXX! But we believed her. Then ... no word at all from XXXX XXXX ... no return calls ... no response to several messages. I 'm embarrassed as to how mad I 've gotten talking to some of their representatives. All we want is a fair appraisal ( which we 've already paid more than market rate for ) so we can write R.C.S a check ( if need be ) to meet the " remaining '' required 80 % loan to value ratio, and to end our savings account being hit for {$250.00} every month ( for nothing ).