Consumer complaint received 2017-02-21
Product: Mortgage — Conventional fixed mortgage
Issue: Credit decision / Underwriting — 
Company: BOEING EMPLOYEES CREDIT UNION (WA)

I purchased a home using BECU on XX/XX/XXXX for {$210000.00} which was stated at XXXX square feet and the home was valued at {$210000.00}. My original loan amount was {$190000.00}. At the time of purchase between BECU and the escrow company my down payment of just over {$27000.00} was sent to the wrong financial institution to a closed account. This nearly delayed the closing of my transaction and the entire day of recording I had to work to retrieve my down payment and get it sent to the correct institution and escrow account. XX/XX/XXXX I had another appraisal done for a cash out refinance ( which did not close and cost me money ). The appraiser discovered my house was in fact XXXX square feet. This could not be correct as houses do not shrink, I had lost XXXX square feet. The county came out and remeasured and my home was in fact only XXXX. The value per square foot at purchase was $ XXXX= {$180000.00} this was the correct value at the time of purchase as the square footage was incorrect. With my loan amount of {$190000.00} and the value of {$180000.00} BECU financed my 30 year fixed conventional mortgage at 104 % which is outside of the product guidelines and would be considered predatory lending. If the correct square footage was calculated BECU would have denied my loan and I would not have purchased a property that was potential upside down {$28000.00} I asked that BECU remove my private mortgage insurance as the new appraisal stated a value of {$240000.00} and based on the current loan balance I was at {$180000.00} which is 75 % loan to value. They denied my request as they wanted me to pay for an additional appraisal. 
I was told that the Vice President of the mortgage department was going to contact me about this whole situation XXXX XXXX and I have yet to hear from this person to date. I am an educated consumer and understand as such I have responsibilities to pay my bills and not buy products that could appear predatory or threatening to me and my finances. This purchase of my home since the start has been predatory whether it is the county, the appraiser or BECU ; I was given a mortgage loan that on any other day would have been denied based on the specifications of underwriting. I am being denied the option to lower my mortgage payments by removing PMI. 
BECU is a very large well-known institution and I believe their mortgage practices and current loans on the books should be reviewed/audited. BECU should be more concerned with their reputational risk in the arena of mortgage lending. I feel that I am not an isolated consumer in regards to these lending products or issues. I had purchased an REO from BECU back in XXXX and about a year later they gave me over {$1600.00} into my savings account as they had overcharged me at origination of my mortgage back in XX/XX/XXXX. No one at BECU could figure out where the funds came from in my account, as I never used my BECU savings I thought it was an error. I never received any notification from BECU mortgage that the error had been made and I had received a partial refund of my original closing costs in XX/XX/XXXX. 
In summary, BECU has shown me on my XXXX and only home purchases that they lack the detail or competence to offer these products. I am only one of the thousands of members who utilizes BECU mortgage lending products. My fear or concern is that more consumers have had similar issues as well and may not even be aware at this time. 
I would like Forgiveness on my outstanding mortgage in the amount of {$28000.00} Removal of my private mortgage insurance without paying for an additional appraisal