Consumer complaint received 2018-05-31 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: Dovenmuehle Mortgage, Inc.
State: TX

Complaint narrative:
On XX/XX/XXXX, we sent a written request to remove PMI from mortgage XXXX. This conventional loan is serviced by Dovenmuehle Mortgage , INC . In our letter, we specifically requested that the seasoning period be waived due to the extensive and substantial improvements we have made to the property in accordance with the written policy provided by their company for this procedure. The improvements were listed in the letter requesting removal of PMI and were verified during the property inspection by the Inspector who conducted the appraisal. 

On XX/XX/XXXX, the appraiser, paid for by us and selected by the mortgage holder, went through our home for hours, taking pictures of all rooms and all angles of the inside and the outside of the house. The new appraised valued our home at {$530000.00}. Dovenmuehle Mortgage has a copy of this document as they forwarded it to us. The appraised value at the time of purchase in XX/XX/XXXX was {$400000.00} and the original purchase price was {$380000.00}. The payoff balance is about {$360000.00}. 

On XX/XX/XXXX, the mortgage holder declined the removal of the PMI based on LTV ratio using the original appraised value of the home ( {$380000.00} ), not the most recent appraised value ( {$530000.00} ). We feel that this was an error on their part. Current LTV ratio of our home using the new appraised value is under 70 %. According to their own policy, they should have dropped the PMI at that time. 

We spoke by telephone with a representative of their company on three separate occasion on XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX about this matter, and each time we were assured that they were aware of the new, assessed value of the home and that there was a clerical error on their part that prevented the correct decision from being made. We were also told that a representative of their company would file an appeal on our behalf, since the error was admittedly theirs. They also told me on each occasion that we would receive a written response from them in 10 days. The last deadline was XX/XX/XXXX. That date has long passed with no information, no contact and no response from the mortgage holder. 

We sent a written request to appeal their decision via certified mail 10 days ago but have not had any response to that request either. We also requested reimbursement for all PMI money we have paid to you since XX/XX/XXXX. We are unable to contact this company by email and they do not have a direct dial phone number that we can find. All correspondence must be via USPS, which only adds delay to an already cumbersome process. 

I have copies of all letters that have been sent to them, a copy of the new appraisal and the written policy that they sent me detailing the PMI removal process. I also have a written letter from them ( the only written correspondence we have from them ) with the incorrect appraisal amount listed as the reason for denial. I can supply all of these on request.

Company response to consumer: Closed with explanation