Consumer complaint received 2015-04-23
Product: Mortgage — Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account — 
Company: 360 MORTGAGE GROUP LLC (CA)

XXXX XXXX, XXXX I wrote them a letter stating that I wanted to remove my PMI. I waited a month and after receiving no response, I called them. They informed me they had not received my request. I emailed them my request and again, no response. I called again and they responded within the week ( XXXX XXXX ) via email informing me they would be sending my request to their appraisal department for them to " provide me with some options for appraisers in my area. When the list is provided, please order a complete interior/exterior appraisal with comparable properties included. When you have received the completed appraisal, please send it back to us and we will review it for the purpose of removing your PMI coverage. '' So, I waited for the list of appraisers that never came until I contacted them yet again, and finally received a list another month later ( XXXX XXXX, XXXX ). I chose an appraiser off their list and ordered a complete interior/exterior appraisal with comps for {$350.00}. I sent the report to 360 Mortgage, LLC on XXXX XXXX ) and waited. After waiting another month, I contacted them to find out the status and they stated they had not received it ( XXXX XXXX, XXXX ). I emailed it to them again and still the stated they did not receive it. I finally emailed it to them via my work email, requesting a return receipt. Once I received a reply stating 360 Mortgage, LLC had received the appraisal, we waited. We were told it takes approximately XXXX days for the removal of PMI once the appraisal has been received. We waited and about XXXX days later ( XXXX XXXX, XXXX ), we received a XXXX page letter from 360 Mortgage, LLC informing us, that our payment was going up {$150.00} due to an " error '' by their " former sub-servicer ''. They further went on to explain that due to the " error '', they had determined that their former sub-servicer had failed to anticipate the " Mortgage Insurance Premiums '' " MIP '' which resulted in a shortage of {$1800.00}. " This shortage is largely due to the required mortgage insurance premium payments being made monthly, but your reduced payment not contributing into your escrow account to fund the disbursements. '' The informed us they were going to throw us a bone and " spread this shortage in our escrow over XXXX months ( normally this would be spread over XXXX mos ), to reduce the increase in your monthly payment. When I contacted 360 Mortgage, LLC to ask them to explain their XXXX page letter that was extremely confusing, they attempted to walk me through it and explain to me the mistakes by their " former subservicer '', with whom they no longer do business. They also told me they were going to be even more kind to me and order a new appraisal, as the XXXX XXXX they told me to order was not allowed by XXXX. The new appraisal is a minimum of {$500.00}, but they were so wonderful that they were going to pay for the new appraisal, since I paid for the first one that due to their error, they could not use. Another month went by and after I contacted them again to ask them to explain their XXXX page letter, they had an appraiser contact us. The appraiser came out a XXXX later and completed the appraisal ( XXXX/XXXX/XXXX XXXX. The county tax assessor sent a bill this year saying the house was worth {$200000.00} minus our {$7000.00} Homeowners exemption, that is {$190000.00}. The appraisal completed XXXX XXXX XXXX came in at {$210000.00}. The XXXX appraisal ordered by 360 Mortgage, LLC came in today ( XXXX/XXXX/XXXX ), estimated our home to be worth {$160000.00}. Hmmmm, a {$52000.00} difference from the XXXX appraisal and a {$36000.00} difference than the XXXX XXXX Assessor. Now 360 Mortgage, LLC says the home has not increased in value enough to remove the PMI and so they will continue to collect $ XXXX/month until XXXX.