Mortgage -- Trouble during payment process -- Complaint #5301380
Complaint Overview
Complaint ID: 5301380
Company: Dovenmuehle Mortgage, INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Florida
ZIP Code: 34208
Date Received: 2022-03-08T12:00:00-05:00
Date Sent to Company: 2022-03-08T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I purchased a new home in XXXX of XXXX. We put down 10 % and were required to have mortgage insurance. Immediately after purchasing our home, we completed major renovations - over {$100000.00}. When our renovations were complete in XXXX of XXXX we requested our mortgage insurance be removed. We contacted our servicer, Dovenmuehle to start the process to remove our mortgage insurance. They informed us that we needed to pay for a Brokers Price Opinion and we sent in a check for {$100.00} and the BPO was completed on XX/XX/XXXX and determined our value at {$670000.00}, well over the value needed to remove our mortgage insurance. On XX/XX/XXXX we received our first notification that we needed to pay down the principal balance to remove mortgage insurance, regardless of the new appraised value. It also stated that if we wanted to order a BPO because of renovations we could start that process -???. Over the past 9 months I have had several calls and emails with XXXX, our Servicer and our mortgage company XXXX. XXXX will tell us to contact the servicer and the servicer will tell us to contact the mortgage company. Both telling us it's out of their hands. Now they are saying that it looks like the value is good to remove my mortgage insurance, however, since I ordered my own BPO independently they can not use it. I recently had to email a copy of the cancelled check that was sent directly to XXXX to show the BPO was NOT ordered independently, but as directed by XXXX as part of their process. I am very disappointed in the process and run around I have had throughout my quest to remove mortgage insurance. Both the servicer and mortgage company have pushed me off to the other side and then have given various reasons why they can not approve the removal. Purchase Price : {$570000.00} Down Payment : {$59000.00} = 90 % LTV New Appraised Value : {$670000.00} Updated Principal Balance : {$490000.00} = 74 % LTV On a side note, I have 27 years of mortgage experience, so I understand the guidelines and requirements for removing mortgage insurance. I have been VERY patient and my patience has now run out. Throughout this entire process XXXX has continued to send me the SAME paperwork repeatedly telling me that I can petition to remove my mortgage insurance by ordering a BPO if I send in a check. If I were a normal consumer without the experience I have, this would have added to my confusion immensely!! XXXX has told me I am able to remove my mortgage insurance and I am not sure what the delay is.
Frequently Asked Questions
What is Complaint #5301380 about?
Complaint #5301380 was filed against Dovenmuehle Mortgage, INC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-03-08T12:00:00-05:00.
How did Dovenmuehle 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 Dovenmuehle Mortgage, INC.?
Yes, visit the Dovenmuehle Mortgage, INC. company profile at readthecomplaint.com/company/dovenmuehle-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.