Consumer complaint received 2019-09-18
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: LAKEVIEW LOAN SERVICING, LLC (CA)

I sent a written request to XXXX/Lakeview Loan Servicing in XX/XX/XXXX to remove my Property Mortgage Insurance ( PMI ). Due to my inability to make contact with XXXX/Lakeview, I proceeded to file a XXXX complaint which resulted in me receiving a phone call from XXXX several days later. The representative explained the process of requesting PMI removal and submitted a request for an appraisal on my home. She explained that I would need to pay an appraisal fee in the amount of {$580.00}, and then they ( the lender ) would choose the appraisal company to perform the appraisal. Within a week of paying the fee, an appraisal company, XXXX XXXX XXXX, contacted me to schedule and appointment. The appraisal was scheduled on XX/XX/XXXX. I spoke with the appraiser, XXXX XXXX, on XX/XX/XXXX to ask him if I needed to go to the City of XXXX to get a copy of the permit for a 192sqft in-law suite I had constructed in my backyard. He insisted that it was not necessary. I assumed that he had other resources to verify that this substantial improvement was permitted by the city. When the appraiser arrived at my home, I pointed all several improvements including : flooring, window treatments ( shutters ), kitchen improvements, outdoor concrete additions, complete backyard landscaping ( built in BBQ and fire pit with built in seating ) and a 192sqft city permitted in-law unit complete wit insulation, electricity, etc. The appraiser that this upgrades would be considered overall improvements on the home. He also stated that if he could not find a comparable home with a similar in-law suite XXXX that my in-law suite addition would hold no value to my home. The appraiser took photos of each room in my home and my backyard, however he did not ask questions nor show any interest in the several improvements made on my home. We received the appraisal report about a week later. The appraiser valued our home at $ XXXX. He included 6 comparable homes which had very little to no comparison to our property. While reading the Addendum on the report, the appraiser failed to mention or list ANY upgrades or improvements. He referred to the in-law suite as a " game room ''. He also stated in his report that he could not locate recent sales within the subdivision sold within the last 180 days. When asked why he did not include the property 0.2 mile from my home at XXXX XXXX XXXX XXXX Ca which sold for $ XXXX on XX/XX/XXXX, the appraiser did not respond. This home is the EXACT color, model, elevation, square footage, and has a smaller lot size. Our request to remove PMI was ultimately denied due to the lender appointed appraiser devaluing our home. According to The XXXX XXXX XXXX XXXX, it is an appraiser 's duty and responsibility to " develop the appropriate and applicable credible conclusion and opinions with a high degree of accuracy ... '' The appraiser has every obligation to avoid providing false value of conclusion and opinions. I sent a written request to XXXX on XX/XX/XXXX disputing the denial of my PMI request and requesting a reconsideration of value on my property, as the appraiser provided an inaccurate and incomplete report. LoanCare contacted me on XX/XX/XXXX and gave me the options : pay down the principle ( over $ 10k ), request and PAY {$580.00} for another appraisal, or provide them with 5 comparable homes and a list of improvements on my home. This is an unacceptable resolution. The appraiser, whom XXXX hired, neglected to correctly perform a service. I shouldnt have to seek remedy, nor should I have to pay for a new appraiser. I should not have to do the job that the appraiser failed to do. It was the appraiser 's responsibility to include my improvements in his appraiser report. How can you accurately determine the value of a home without including it's improvements. It is evident that the value given in the report is not accurate. The lender, XXXX, should be fixing this issue and should be held accountable, along with the appraiser.