Mortgage -- Trouble during payment process -- Complaint #4730266
Complaint Overview
Complaint ID: 4730266
Company: Flat Branch Mortgage, INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Missouri
ZIP Code: 630XX
Date Received: 2021-09-17T12:00:00-05:00
Date Sent to Company: 2021-09-17T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
We have a mortgage with Flat Branch Home Loans ( underwritten by Fannie Mae ). We were close to 20 % equity and wanted to see about ending the PMI charges. We called Flat Branch and they said they would have to check with Fannie Mae. Weeks went by with no response so I called again and they said, you're still a bit over 80 % so you can pay $ XXXX to get over the threshold and then you can ask to end the PMI again. I sent {$2200.00} which was credited to the principal on XX/XX/17. I called again about ending the PMI charges and was told again that they would submit it to Fannie Mae. Weeks went by again. I finally got an email from Flat Branch on XX/XX/17 saying that NOW we need to be over 22 % equity and I have to send another $ XXXX and MAYBE they will stop charging PMI. We have excellent credit, have never had a late or missed payment on the mortgage or anything else. There is no reason to keep changing the target and asking for more money just to end the PMI charges, which exist to mitigate risk on low-equity loans. This is both deceptive and predatory.
Frequently Asked Questions
What is Complaint #4730266 about?
Complaint #4730266 was filed against Flat Branch Mortgage, INC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2021-09-17T12:00:00-05:00.
How did Flat Branch Mortgage, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Flat Branch Mortgage, INC.?
Yes, visit the Flat Branch Mortgage, INC. company profile at readthecomplaint.com/company/flat-branch-mortgage-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.