Consumer complaint received 2018-08-01
Product: Mortgage — FHA mortgage
Issue: Trouble during payment process — 
Company: M&T BANK CORPORATION (WA)

my issue is two fold 1 ) : XX/XX/2018 XXXX XXXX I wrote the following secure message " Saturday, XX/XX/XXXX we received an Annual Escrow Account Disclosure statement informing us that starting XX/XX/2018 our new monthly mortgage will be {$190000.00} and that we have a shortage of {$640.00}. Further it informed that if we don't pay this amount immediately, the shortage will turn into a payment plan for the next 12 months. I find this to be one of many errors by your institution. In XX/XX/2018 we received our annual escrow account disclosure statement, informing us our monthly mortgage would be {$2000.00} and our shortage was {$850.00}. This amount was paid in full with check # XXXX on XX/XX/2018 and deposited by your institution on XX/XX/2018. Therefore, I am unsure why we are getting a second annual escrow account disclosure statement ( we have always just received one annually ). I have also informed your institution in writing that we have met the criteria for our Private Mortgage insurance to be dropped as of XX/XX/2018. I was assured it was but have yet to receive a formal letter verifying this. I would greatly appreciate it if someone from your institution can explain the annual escrow account disclosure statement discrepancy and provide us with a written formal letter that the PMI has been discontinued. The reply I received was '' Thank you for your inquiry. I have forwarded your message to the appropriate area as a rushed request. Please be, once the research is complete, you will be contacted and provided the conclusion of the research. We appreciate your patience while we review your inquiry further If you have any further questions or concerns, please feel free to contact our Contact Center at XXXX. XX/XX/2018 I logged on to my bank and noticed M & T Bank withdrew the new amount of {$2000.00} without supplying me with a answer of why I was receiving the second escrow 2 ) XX/XX/2018 XXXX XXXX I wrote the following secure message to M & T Bank : " I am writing to request the cancellation of the Private Mortgage Insurance ( PMI ). As you are aware, Federal law allows for the cancellation of PMI when certain LTV ratios are met through the normal amortization of a mortgage, or amortization coupled with market appreciation. Although the Homeowner 's Protection Act of 1998 calls for the automatic cancellation of PMI when a 78 % LTV ratio has been reached through normal amortization, I also understand that I may request cancellation of my PMI when I have passed an 80 % LTV threshold. I believe that through regular payments and favorable market conditions that I have passed that mark, and therefore should be able to cancel the PMI on my loan. I believe that my payment history also meets appropriate requirements. Please advise me of the procedures for doing so at your earliest convenience. I look forward to your prompt reply. XX/XX/2018 I received the following message From- M & T `` Dear XXXX, Thank you for your inquiry. Please be advised, once the final Mortgage Insurance Premium ( MIP ) has been paid to HUD on XX/XX/18 an escrow analysis will be completed to remove the MIP from the monthly payment. Once the escrow analysis has been completed, a statement will be sent to the address of record advising you of the new payment amount. "