Consumer complaint received 2024-04-13
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Private mortgage insurance (PMI)
Company: Mr. Cooper Group Inc. (UT)

I am interested in getting my PMI removed as my house has increased in value since I bought it. My mortgage was recently sold to Mr. Cooper and I looked on their website, attempted to find a phone number to talk to someone but could online find their chat online. I tried to ask about what type of appraisal I needed to move forward. The only time they are available are working house of which I also am working and the chat often gets disconnected without sending a copy of what was talked about. 

Their website stays the following about PMI removal : ( also attached as a screenshot ) " Removing PMI If youre required to carry PMI, well cancel it automatically on the date your loan-to-value ( LTV ) ratio is scheduled to reach 78 %.

LTV Example : If you borrow {$85000.00} to buy a house appraised at {$100000.00}, your loan-to-value ratio is XXXX XXXX. ( XXXX / XXXX = XXXX, also known as XXXX XXXX ) Based on the original property value and the loan terms, well project the date when your LTV will reach XXXX XXXX, and well plan to cancel your PMI on that date. 
Note : This projected date for automatic cancellation is fixed and cant be moved up. 
However, you can submit a request for early cancellation of PMI before the automatic termination date. 
Your property must reach at least XXXX XXXX equityor XXXX XXXX LTVto be eligible for an early cancellation. 
Also, other conditions may apply to early cancellation depending on the loan investor. Here are the main ones : o Your loan must be current.

o In the last 12 months, you cant have been more than 30 days late on any payment.

o In the last 24 months, you cant have been more than 60 days late on any payment.

o If you have not reached an LTV of XXXX XXXX, we may be able to order an official appraisal of your property to verify if the current value has reached the XXXX XXXX equity requirement. 
Note : The appraisal needs to happen within 90 days of your PMI cancellation request, and you will be responsible for the appraisal cost. 
To discuss your specific requirements for requesting PMI cancellation, please contact us. 
You can send PMI cancellation requests to : Mr. Cooper Attn : Escrow Research XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Important : Cancellation requests by mail must include an explicit request to cancel PMI, your loan number, the date, and the signatures of all borrowers. 

On XX/XX/XXXX I reached out ( on chat ) asking what type of appraisal I needed now that my appraiser had given me options- They responded, and I never read anything stating not accepted from third party appraisers however, they are telling me ( as of a phone call XXXX ) that this chat explained I could not use third party. I asked on XXXX for a copy of this chat and they stated they can not send me a copy only research has that ability I asked them to ask research to send me a copy of which they said they can not. At this time in XXXX I could not for the life of me find a phone number to call and talk to a real human about this inquiry. 

The website says nothing about needing to use THEIR appraisers. I spent {$400.00} on a FULL appraisal- with pictures and everything. I sent that FULL appraisal to the address on the website with the explicit request to cancel PMI and all the information and my signature. As it states on their website. They claim to never have received this, the first agent I talked to on XX/XX/XXXX stated he didnt even know what address I would have sent it to- I gave him the one off the website. This agent said he would look into it and call me back with the possibility of them covering their appraisal if they didnt accept my {$400.00} one that was sent in. I never received a call back. 

XX/XX/XXXX I called again- they said the response to the XX/XX/XXXX inquiry was that it was denied because they dont accept third party appraisals and apparently I as told this information in an earlier chat. No one relied this information to me. Now they are saying that was all they could do, they also stated that they never received the appraisal or request, I sent it over by email on the XXXX as the person I talked to was trying to understand and see if she could forward the appraisal. She said she was asking someone else who continue to say there was nothing else they could do and I asked to talk to a manager who was supposed to contact me in 24-48 hours. 

Today XX/XX/XXXX I received a phonecall at XXXX, I was in the XXXX with a patient and could not answer the phone. The voicemail they left was Hi, this is XXXX calling from Mr. Cooper Mortgage the number here is XXXX  and I hope youre having a terrific day. First off that isnt even a correct phone number and states nothing of the reason for her phone call. I attempted to call back the phone number that she called from ( XXXX XXXX XXXX and left a voicemail. 

I am sick of working with this company they are impossible to reach and they obviously dont care to have closed loop communication with their customers or working with them. Per their website I did everything it says to be eligible for PMI removal. I paid {$400.00} for a FULL appraisal by a certified appraiser, my house is more than XXXX above what it needed to be in order to rid the PMI. I do not think its okay that my mortgage gets transferred without any say from company to company. I have been extremely dissatisfied with Mr. Cooper and if I just wasted {$400.00} when the whole point of this was to save me some money I am even more angry and annoyed that their communication is so horrible.