Consumer complaint received 2024-08-16 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Private mortgage insurance (PMI)
Company: LAKEVIEW LOAN SERVICING, LLC
State: TX

Complaint narrative:
Dear Sir/Madam, I have mortgage on the property with LakeView subserviced XXXX XXXX. Originally it was with different Company and now they sold it to another company or something I do not have the specifics. 
I feel these people are total scammers. We started our process in XX/XX/year> to make payments towards the principal to get it under 80 % and get the PMI removed, now its XXXX and the process still not resolved and we are getting charged fraudulently. 
These loan care company only responds to service requests and it takes months for them to respond. 
Below are the Events and Summary of the Complaint which describes the Fraud, 1. First they said we need to be under 80 % to get the PMI removed. 
2. Then in XX/XX/year> we made the payments to get it under 80 % and In XX/XX/year> we are under 80 %. Then we raised a service request to remove the PMI. 
3. We kept on following up and they said it will take 60-90 days to process the request and kept on charging us the PMI 4. Finally they sent a notice on XX/XX/XXXX declined -- now they say The Loan-to-original-value ( LTOV ) ratio is not 80 % or less based on the current unpaid principal balance. The original value is defined as the lesser of purchase price to the original appraised value of the property. 
5. The they ask us to hire an inspector and get the home appraised which costed us money again 6. After the appraisal the property value came out as XXXX and they said ( no change is property value and no appraisal ) 7. Second Time Its on XX/XX/year> we were told by the XXXX XXXX  customer service that if we pay XXXX more then they will remove PMI. ( to reach 78 % LTV value ) XXXX. In XXXX After the so much struggle and accumulated savings we made the payments towards principal to get rid of PMI on XX/XX/year> XXXX. In XXXX again Second time we raised a request to remove PMI on XX/XX/year>. 
XXXX. On XX/XX/XXXX we receive another letter Second time Request to cancel the PMI denied -- now again they say same reason Denied Because the Loan-to-original-value ( LTOV ) ratio is not 80 % or less based on the current unpaid principal balance. The original value is defined as the lesser of purchase price to the original appraised value of the property. 
11. Also Another letter Which says -- '' Currently, the Escrow requirement can not be waived for the following reason ( s ) : The principal balance of the loan is greater than or equal to 80 % of the original appraised value. '' 12. Which is a total Lie/false statement. Its hard to reach these scammers over phone or email. I have attached all the proofs, my loan statement which shows the loan details. Also the denial letters for PMI they sent to us and screenshot from XXXX XXXX  portal that our LTV is 77.6 % 13. In the portal it says 77.6 % LTV, but they ( XXXX ) sends a letter stating not reached 80 % or less. Even if I call, they say, nothing is in our hands and just raise a service request, and you will get the result in mail. And In the Mean time they want to loot our hard earned Money.

14. I got a missed call From XXXX and I tried calling them, now they are saying meet 75 % LTV value ( pay XXXX $ towards principal ). 

15. I am really fed up with this lender. They are total scammers and doing fraud looting our hard earning money. 

Please review this complaint and redirect to correct officials to get this sorted out and help us from these never ending loop and this lender who is trying to steal from us since XXXX this year. 

Thanks, Mortgage Company Details are Below https : XXXX Company : LakeView subserviced XXXX XXXX XXXX XXXX, XXXX, All Rights Reserved. XXXX XXXX PMI Monthly Premium : XXXX

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