Consumer complaint received 2026-03-31 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Private mortgage insurance (PMI)
Company: U.S. BANCORP
State: NC

Complaint narrative:
I, XXXX XXXX, am the primary account holder and the direct consumer. This complaint is being submitted personally by me, on my own behalf. It is NOT submitted in error, it is NOT generated by a credit repair organization, and it is NOT being submitted on behalf of any third party. My name is XXXX XXXX, and I am writing personally to escalate a severe mortgage servicing error by my lender, U.S. Bank, regarding my home in XXXX, NC. I am a survivor of Hurricane Helene, and the bank is currently using an internal technicality to trap me in unjust Private Mortgage Insurance payments. In XXXX 2025, I initiated a formal request to remove XXXXrivate Mortgage Insurance from my mortgage. Per US Banks requirements, I paid a {$150.00} fee for an internal valuation. When that valuation was returned, the report was fundamentally flawed : it failed to utilize direct comparables within my immediate neighborhood, specifically ignoring recent sales of identical townhouse models in my XXXX XXXX community. The comparables used were decades older than my home, had lower bedroom counts, less square footage, and were located in less desirable areas far from XXXX XXXX. I missed the XXXX window to appeal this valuation due to significant personal hardship, including a mental health crisis and the loss of my employment following the life-altering damage caused by Hurricane Helene in the XXXX area. Furthermore, I mistakenly believed my PMI would automatically terminate in XXXX XXXX based on my original amortization schedule. I attempted to appeal later in 2025 but was met with templated responses stating the XXXX window had passed and that I would need to pay an additional {$150.00} fee for a second valuation. I chose to wait for the automatic termination rather than pay again for a process that had already proven to be unreliable and factually incorrect. However, in XXXX 2026, I discovered that the PMI termination date was actually set for a further year out. This discrepancy, combined with new evidence, prompted me to re-examine the company 's 2025 valuation. I discovered that the original appraisal was fundamentally flawed ; it ignored identical townhouse models in my immediate neighborhood ( XXXX XXXX ) that were selling for {$510000.00} to {$530000.00}. Instead, it used comparables from outside my area that did not match my homes model or specifications. Furthermore, I discovered a massive contradiction in the companys own data : their member dashboard currently displays a market value of {$500000.00} for my home to solicit me for a HELOC, yet they refuse to acknowledge this value for PMI removal. Additionally, the XXXX XXXX XXXX XXXX officially appraised my home at {$550000.00} as of XX/XX/XXXX. In XX/XX/XXXX, I submitted a formal Notice of Error and Qualified Written Request under 12 U.S.C. Section 2605 ( e ). I provided the specific addresses of identical townhouse sales, the screen shot of their own US Bank login assesment of my home, and the official county assessment. The company refused to conduct a reasonable investigation as required by RESPA Regulation X, instead issuing a templated response stating that because I did not appeal within 90 days in 2025, the matter was closed. They continually attempt to charge me a second {$150.00} fee to correct an error they made in the first paid valuation. I am disputing this redundant fee and the continued, unjust collection of PMI premiums that should have legally terminated in 2025 had a competent valuation been performed. I am also requesting a full retroactive credit for all PMI premiums paid from the date of the original valuation.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation