Mortgage -- Trouble during payment process -- Complaint #4678551

Complaint Overview

Complaint ID: 4678551

Company: Crosscountry Mortgage LLC

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Trouble during payment process

State: Florida

ZIP Code: 334XX

Date Received: 2021-08-31T12:00:00-05:00

Date Sent to Company: 2021-08-31T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

Hello In XXXX of XXXX my wife and I contacted Cross Country Mortgage company to request PMI removal. We closed on our home in XXXX, XXXX and did a 10 % conventional mortgage and had PMI. We received a letter from cross country stating that removal from PMI can not happen unless substantial improvements to the property warrant the removal. Since purchase of the house for {$530000.00} we have invested ( at the time of the request ) {$170000.00} into permitted home improvements. We submitted a list of improvements and a {$320.00} check for the appraisal to remove the PMI. Cross Country then hired a company to do the appraisal. The company hired sent a third party to take pictures of the property and the appraiser did a desktop appraisal. We paid for a full appraisal due to improvements to warrant the removal of PMI. On XX/XX/XXXX our appraisal was complete and it came back at {$590000.00}. At that moment we owed {$470000.00} ( approx ). We needed to be at {$470000.00} or below for removal. I proceeded to contact Cross Country and offered to pay the difference extra in principal to remove the PMI, to which they said it doesnt work that wayfunny how they wont accept the new appraisal amount. After I requested multiple times and finally received the appraisal I found many issues with it. As we have called almost daily to fight our case we have been escalated to an empty desk who does nothing to rectify the situation. Now 3 months later I have found the sq footage is wrong on my appraisal XXXX sq feet less than our home is based on the property appraisal for XXXX XXXX XXXX. Also they had the wrong city on the appraisal. Cross Country continues to say it is being escalated but there is nobody to speak with who can make any decisions. At one point a resolution specialist from XXXX XXXX, who cross country uses for their research XXXX XXXX emailed me XX/XX/XXXX stating they are reviewing my case and I will have an update or resolution and they will reach out by email or phone by XX/XX/XXXX. We are now at XX/XX/XXXX and we have never had a response back, even though multiple internal messages have been sent to this specialist. The difference in sq footage alone would have raised my value based on the sq footage appraisal value placed at {$75.00} from their appraiser in the comps. That would have raised the value {$4900.00} alone which would have been enough to remove my PMI immediately. They still have not responded to any of this. I have contacted their social media page on XXXX and they said someone would contact me immediately on XX/XX/XXXX and still nobody as contacted me. Please help us resolve this situation as it is literally theft what they are doing

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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