Consumer complaint received 2017-05-21
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: FIFTH THIRD FINANCIAL CORPORATION (VA)

Since  XXXX   XXXX  I have been trying to have my PMI reduced from my Mortgage.   I had contacte d Fifth Third B ank in  XXXX   XXXX  in writing for a request for a re-appraisal on the home to reduce my mortgage. I never received a reply. After contacting the bank, the bank responded that I filled out the incorrect paperwork and had to resubmit the request and sent out a letter for the  2nd ti me. I had a reappraisal preformed in  XXXX   XXXX . My Loan to Value  ( LTV ) R atio if 78.2 % ; my original mortgage documents state that I can have my PMI reduced at an 80 % ratio . Fifth Third  said they would contact  XXXX   XXXX  as to why they can not reduce my PMI. They also said that  XXXX   XXXX  requires a 75  % LTV.      It should be noted that in  XXXX   XXXX ,  XXXX  my load was assigned to  XXXX   XXXX . In a letter from  XXXX   XXXX  it states the sale of my mortgage does not affect any term or condition of the Mortgage, Deed of trust or Note. On  XXXX   XXXX ,  XXXX  I received a letter from  Fifth Third Bank acknowledging my dispute that that the 75 % LTV  requirements they stated it is something that  XXXX   XXXX  is requiring ( the 75 %  LTV ). Specifically, the Fifth Third  Bank letter reads, " The 75.00 % is required by  XXXX   XXXX  i f two ( 2 ) or  more years, but less than  five ( 5 ) y ears, have elapsed since the origination date of the mortgage load and no substantial improvements have been made in the property. '' It should be noted that this is no where stated in my original mortgage disclosure documents and is a unilateral decision that is being forced upon home mortgagors by  XXXX   XXXX  and I do not believe they have the right to take this position. My original PMI  Disclosure Letter f rom  XXXX   XXXX ,  XXXX  states that PMI can be reduced based on an 80 %.     It should be further noted that In the recent appraisal performed on  XXXX   XXXX ,  XXXX  I found numerous errors and inconsistencies in the  XXXX  Appraisal where the  1 ) t he same appraiser was used for Fifth Third in  XXXX   XXXX  that was used in  XXXX   XXXX   ; 2 ) th  e appraiser  included a picture that was not even of the interior of my home  ; 3 ) the appraiser specifically excluded properties that would have given my home a greater value and 4 ) the appraiser s pecifically included homes of inferior construct and did not account for adjustments as a result. My home was appraised at a value of {$390000.00}. My home is   one of the largest in the neighborhood and I have sales records dating over the past year that similar homes with inferior construct have and are selling over {$390000.00}. I believe the appraiser is in bed with this lender to assess homes in favor of the lender. I have also told the bank the same and have not been able to get justification for their assigning of this appraiser. I will continue to write letters until my voice is heard.
I have contacted an attorney and they suggested I file a complaint with your organization to look into this matter. The attorney said you may be the only company that could possibly investigate this matter and ensure that it gets investigated fully. I believe a lot of consumers may   be paying PMI to a lender as a result of this illegal activity in which  XXXX   XXXX  is not honoring the existing PMI mortgage disclosures that were presented to the mortgagor at time of the loan origination.     I would appreciate your investigating this matter.   Thank you.