Consumer complaint received 2025-01-15 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Private mortgage insurance (PMI)
Company: CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
State: SC

Complaint narrative:
I asked for PMI to be removed. I have met and exceeded the needed 80 % LTV. The mortgage servicer has no phone numbers or emails to speak to people directly. Every communication regarding PMI is masked somehow. Please see the last few emails which took me months and over 14hrs of phone calls to get to this point. CLEARLY I have met the 80 % LTV ratio as stated in this email, on the their own website and other documentation they mail out. The final email I received after paying the XXXX XXXX BPO fee was I need to be at 70 % and was denied the removal. I have reached out 2 time in last 2 days and have gotten no response. They will not provide clear communication or documentation why they have changed their mind at my expense.

To our valued customer, Attached is a copy of the valuation completed on your home.

At this time, we can not approve your loan for PMI removal. The interior appraisal came in at {$280000.00}, but the current value would need to be under 70 % LTV to remove PMI and it is currently at 73.4 %.

You may choose to pay down the principal balance by {$9600.00} to meet the LTV requirement. Please know the valuation is valid for 120 days from the inspection date. Please let us know if you make the curtailment payment. The removal process must be completed prior to XX/XX/XXXX. 

You will also receive a letter in the mail regarding this issue Please let us know if you any questions. Thank you! 







To : XXXX From : XXXX Sent : XX/XX/XXXX at XXXX XXXX EST Subject : PMI REMOVAL - XXXX  To valued customer, We apologies for the inconvenience that caused. Please ignore the previous email and refer to the below one.

We received your request for PMI removal. Since this loan meets the 80 % LTV requirement, we do not need substantial improvements to proceed. However, a valuation is required on all borrower PMI cancellation requests to ensure the property value has not decreased since you obtained your mortgage. Unfortunately, the investors Automated Valuation Model ( AVM ) is not available. Therefore, a new valuation is required to proceed.

In order to move forward with PMI removal, you must pay a valuation fee* of {$190.00}, which is based on your loans investor and property type.

The preferred payment method is a one-time phone payment
you can make by calling XXXX or you can make your payment by sending via mail to Cardinal XXXX XXXX XXXX, XXXX XXXX XXXX XXXXXXXX XXXX The fee for the BPO or appraisal is non-refundable.

** Please note that there may be special circumstances that could result in us requiring you to pay an additional amount to complete the valuation ( BPO or Appraisal ). These circumstances may include property location ( rural ), marketing conditions, limited inspectors for the area, or investor requirements. As a result, we may contact you to request an additional cost in order to proceed with your valuation order.

*** Please let us know if you have any questions.

Thank you!

Company response to consumer: Closed with explanation