Consumer complaint received 2022-09-22
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: Mr. Cooper Group Inc. (FL)

Back in XX/XX/XXXX, I requested a PMI removal based on a new appraisal. Mr. Cooper ordered the appraisal, which was completed on XX/XX/XXXX. With the new appraisal, the appraisal was below the current market in my neighborhood, without the upgrades that were done to my house. In fact, the appraisal was just short of {$2000.00} needed to remove PMI. 

The appraisal completed on XX/XX/XXXX was not submitted to Mr Cooper for almost 30 days, while the market value of homes in my neighborhood continued to rise. It wasnt until the end of XXXX, which I was notified of the results of the appraisal, and provided with a copy. By then, the market again continued to rise, well above the appraisal amount that was provided. 

On XX/XX/XXXX, I formally disputed the appraisal to : XXXX with the following : I am formally disputing the attached appraisal that was done for the PMI Removal Request that I submitted. You will note that this appraisal came in very low compared to the recent sales in my neighborhood. 

Also, if your review my address on any of the home sites such as XXXX, XXXX, you will see that my home is appraisal upward to $ XXXX. 

Also this appraisal did not account for any recent upgrades to the home, such as the Front Porch Enclosure and Seemliess Gutter installation that cost {$2300.00}, The fencing that cost {$4300.00}, The water filter system that cost {$3600.00}, The new vinyl flooring that cost {$12000.00}, The new XXXX solar system with battery backup that cost {$59000.00}. All of the receipts were provided to the appraiser. 

Also, you will note on the report that the appraisal was conducted on XX/XX/XXXX, but the appraiser waited until XX/XX/XXXX to sign the report. Why was this done? Did he consult with Mr. Cooper or XXXX investors before finalizing the report? {$3000.00} more in the report would have put me under 80 % LTV. 

Attached are links to XXXX recent sales in my own neighborhood, in which some do not have the extra loft space on a XXXX floor like my home. All of these houses sold for way higher that the value of my home on the attached appraisal, and also do not contain the upgrades that I added as well. 

I do not agree with the appraisal report and are formally challenging it. 





XXXX XXXX XXXX XXXX, XXXX, FL XXXX {$500000.00} Sold Price XXXX Beds XXXX Baths XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX, FL XXXX {$540000.00} Sold Price XXXX Beds XXXX XXXX XXXX XXXX XXXX XXXXXXXX Sq Ft XXXX XXXX Pl, XXXX XXXX FL XXXX {$550000.00} XXXX Price XXXX Beds XXXX Baths XXXX XXXX : XXXX On XX/XX/XXXX, Mr , Cooper acknowledged my dispute with the following email reply : XXXX sent XXXX XXXX. XXXX at XXXX Hello, We received your request to dispute, and it has been forwarded for review. Please allow 30-45 business days for an update to be made. 

Thank you, Mr. Cooper By XXXX, I received a letter from Mr. Cooper again denying my dispute. 

I called Mr. Cooper in XXXX and XXXX, requesting a new appraisal, based on additional upgrades to the house, and outlined them. They indicated by letter denying the request stating that my solar system is financed and not to be covered as part of the appraisal. I did not request a new appraisal based on the solar, but for other upgrades documented and paid for in full. 

On XX/XX/XXXX, I called in and requested a new appraisal due to a new upgrade to the house, which was a Whole home battery backup system at the tune of {$20000.00} that was paid in full. 

On XX/XX/XXXX, I received a denial letter from Mr. Cooper for the PMI removal, and a new appraisal was not ordered. 

I called into Mr. Cooper on XX/XX/XXXX at XXXXXXXX XXXX  and was transferred to the PMI department. The rep indicated that there was confusion on my new appraisal request, and that Mr. Cooper was asking for proof of payoff foXXXX XXXX XXXX XXXX XXXX  explained that this was irrelevant to the new upgrade for the whole home battery backup system that was recently installed and paid for in full. 

The rep told me to dispute the original appraisal, which I confirmed that was done back in XXXX. Then she said, to write a letter to Mr. Cooper, Advising that the Solar System originally installed and financed is a separate entity of the whole home battery system that was recently installed and paid for in full. Also. was advised to send Proof of installation and later of explanation and a formal letter to request a new appraisal. 

I indicated to the Mr. Cooper agent, that I requested this on XX/XX/XXXX and that this request was documented on the recorded call into Mr. Cooper as well. I also explained this info on our call today. 

I am formally sending in this complaint due to the fact that Mr. Cooper hired someone to do an appraisal on my home, significally lower in value then any of the homes in my neighbor, with the same size, and without any upgrades. Also this appraisal was done during a time, where the value given in the appraisal, was simnifically lower then any of the values in my neighborhood, and with proof of home sales provided above. Also, the appraisal did not take in any consideration of any upgrades added to the home that were paid in full. 

I am also filing a dispute for the fact that Mr. Cooper continues to deny my request for a new appraisal based on recent upgrades done to the home after the original appraisal, which were the following upgrades at a total paid in full amount of {$29000.00}. 

New Paver Driveway - $ XXXX New Hybrid Water Heater - {$1900.00} New Whole Home Battery Backup System - {$20000.00} Storage Racks in Garage - {$1000.00} Mr. Cooper continues to deny requests and to do their due diligence to order a new appraisal based on current market values. In addition, if just researching my home based on current market values, outside of an official appraisal, they will see that the home appraises well over the amount needed to remove PMI. Mr. Cooper knows this, so they are playing any type of games that they can, to deny new appraisal requests, while I continue to spend money on upgrading my home.