Consumer complaint received 2024-05-10 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Private mortgage insurance (PMI)
Company: MOUNTAIN AMERICA FEDERAL CREDIT UNION
State: ID

Complaint narrative:
I paid for an appraisal XXXX years ago to show that my house was valued at enough to remove the mortgage insurance. They say that their part of the bank did not order it so it is not good enough for them to accept it even though it was ordered by the same bank. The last email I got from them was stating stuff about things I do not understand that have anything to do with the request to remove the mortgage insurance. 

Dear XXXX XXXX, Thank you for your inquiry dated XX/XX/XXXX, regarding your loan. The email we received is requesting to remove Private Mortgage Insurance ( PMI ) on the loan. You stated that you had an appraisal ordered by Mountain America Credit Union. 

Please note as we never received your payment of {$600.00} for an appraisal fee, that no property valuation was ordered. 
Please note the amount for appraisal evaluation to be done on the loan in the previous letter that was sent to you on XX/XX/XXXX, was {$190.00}. 

In order to research a missing payment, we require additional documentation to verify the status of the missing payment. Such documentation could include the front and back copy of the checks that cleared for the payment, an ACH tracer number, or other electronic transmittal information. This documentation may be sent to one of the following : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  Please include your loan number in your request. 

We have forwarded the request to our XXXX Department to determine if PMI could be removed. Our XXXX Department reviewed and determined that you do not qualify for the removal of PMI. We sent a letter to you on XX/XX/XXXX, explaining that you have XXXX options to qualify to remove PMI. 
Option 1 : You can make a principal curtailment of {$57000.00} to bring your LTV ratio down to 80 % of the property value as calculated by the XXXX XXXX XXXX. 

Option 2 : You can qualify by making a principal curtailment of {$42000.00} to bring your " Original-Value '' LTV ratio down to 80 % and order a new valuation to verify that your property has maintained its original value. The valuation must be ordered through Mountain America Credit Union and the estimated cost of the valuation is XXXX, which will be charged to you. 

Option 3 : You can qualify based on substantial improvements to the property since the loans origination and having interior and exterior XXXX XXXX XXXX ( XXXX ) ordered through us demonstrating Current-Value '' LTV ratio of 75 % or less have the property newly appraised through us for at least {$490000.00}. Please send a check for {$190.00} for evaluation Option 4 : You can qualify based on substantial improvements to the property since the loans origination and having interior and exterior XXXX XXXX XXXX ( XXXX ) ordered through us demonstrating Current-Value '' LTV ratio of 80 % or less have the property newly appraised through us for at least {$460000.00}. 

For your convenience we are attaching a copy of the letter and a PMI Application, so you can list the exterior and interior improvements that have been done on the property. 

Your satisfaction is very important to us, and we appreciate your business. Please let us know if you have any further questions or concerns regarding this matter. You may contact our XXXX XXXX Department at XXXX, or you may reply directly to this emai l. 



Sincerely, XXXX XXXX. 

XXXX Department

Company response to consumer: Closed with explanation