Consumer complaint received 2022-01-21
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: CrossCountry Mortgage LLC (UT)

COMPANY : CROSSCOUNTRY MORTGAGE LLC XX/XX/XXXX I signed a purchase contract on a build on for a townhome for {$380000.00}. I was estimated to close on my home on XX/XX/XXXX. Due to builder delays, material shortage and labor issues from the uncertainty and lack of information on Covid 19 at the time, I was not able to close on my house until XX/XX/XXXX. During the time that it took to build my house, the real-estate market exponentially took off. 
The appraisal done on my home used a newly built community called " TXXXX XXXX XXXX XXXX  XXXX '' as a Comparable 1. Comparable 2, another new build, townhome community at address XXXX XXXX XXXX XXXX ( see attached appraisal for both comparable references ) was also used. Since I had signed a purchase contract for {$380000.00} at the beginning of XXXX, I had moved into my home on XXXX XXXX with equity because of the condition of the current housing market. 

Friday, XX/XX/XXXX A realtor asked if I was interested in selling my home. It appeared that a new community very similar to mine had just finished being built with a very similar layout. XXXX XXXX built a community name " the XXXX '' and were selling a brand new 3 bed 3 bath townhome with coverage garage and balcony for {$590000.00} ( previous units sold with same floor plan for {$560000.00} around XX/XX/XXXX ). He said I could list mine for high XXXX 's. If you look at XXXX  : XXXX you can see the same comparable ( comparable # 2 ) used in my appraisal, address XXXX XXXX XXXX XXXX is newly listed for {$570000.00} ( MLS : XXXX ). 

I called my loan servicing company Crosscountry Mortgage LLC the same day and asked If I could have my PMI of {$100.00} removed since my loan to home value significantly exceeded 20 % in equity. I was told I had to wait 2 years to be considered eligible to remove my PMI and have a Broker Priced Opinion done or make a check of {$50000.00} ( Don't remember the exact number but it was XXXX and something ) towards my principle. I explained the same situation as you've read above and they told me nothing could be done. 

Tuesday, XX/XX/XXXX ( morning ) I spoke with a loan officer from a different bank and asked for advice. I was recommended to refinance only if it financially benefited me without having a higher rate and made sense. She informed me of the federal law and the PMI Cancellation Act. She then suggested that I contact CFPB regarding my issue. 

I spoke to a CFPB representative by the name of XXXX. She informed me that the PMI cancellation act was in fact a valid route and financial institutions needed to abide by these guidelines. 

( Midday ) I called Crosscountry Mortgage LLC again trying to re-explain the situation. I explained to them that I had been in contact with another loan officer from a different company and was also in contact with CFPB. The representative put me on very long hold and returned to the line to inform me that I could pay for an appraisal out of my own pocket through Crosscountry Mortgage LLC if I wanted to get rid of my PMI ( {$100.00} ). She told me that a Broker Priced Opinion would only be valid at the two-year mark but was not considered acceptable as of now. I asked why a XXXX would only be valid at the two-year mark but not now and she said she didn't know why. She also said I could make an itemized list of improvement I've made to the home and could potentially be considered. I responded by saying that it was a new build and had no made improvements other than adding a rail to the rooftop deck. I state I would like to proceed with the appraisal and I was put on another long hold. When the representative returned she told me that I could not have my PMI ( {$100.00} ) removed and I would have to wait for the two-year mark or make a {$50000.00} payment towards my principal. I asked for this rejection of PMI ( {$100.00} ) removal in a form of an email or letter and she stated that a letter had been mailed to me on XX/XX/XXXX ( Saturday ) and should be getting that in the mail soon. The call ended and I realized that date was a Saturday and found it a bit bizarre but was unsure if this particular bank operated on weekends. 

*** I would like to note she did mention the call was recorded *** I spoke with XXXX again at CFPB after my call with Crosscountry and she encouraged me to file a complaint. I still have yet to receive the said letter by Crosscountry Mortgage LLC.