Mortgage -- Trouble during payment process -- Complaint #5321338
Complaint Overview
Complaint ID: 5321338
Company: Dovenmuehle Mortgage, INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Georgia
ZIP Code: 30253
Date Received: 2022-03-14T12:00:00-05:00
Date Sent to Company: 2022-03-14T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Hello, We bought and closed our house on XX/XX/XXXXXXXX through a conventional mortgage via Mortgage company : Dovenmuehle Mortgage , Inc . Address : XXXX XXXX XXXX, XXXX XXXX, XXXX XXXX, IL XXXX. Our monthly payments also included PMI ( mortgage insurance ). Over the last few months, we have made additional payments towards the principal to bring down our outstanding balance to 75.06 % of loan to value ( LTV ). In addition, the monthly payments have been on time with no delinquencies. In the month of XX/XX/XXXX, I called and requested cancellation of PMI. The XXXX tax form 1098 issued to me clearly states, " If you are current on your loan payments, PMI will automatically terminate on the date the principal balance of your loan is first scheduled to reach 78 % of the original value of the property ''. I received a letter dated XX/XX/XXXX stating that I meet the requirements, however I must order a new appraisal which would cost me about {$750.00}. I called the company on XX/XX/XXXX, they said these are based on rules by HUD ( Housing and Urban Development ) and transferred me to them. HUD however states they only deal with FHA loans and not conventional loans. Dovenmuehle continues to give me the run around making me pay {$75.00} per month for PMI. It has been less than 6 months since the initial appraisal, it does not make any sense on why should we waste money on another appraisal. Also, the company refuses to tell me at what LTV will they automatically cancel the PMI without requiring another appraisal. This is clearly a case of exploitation of the consumer. Please help! Thank you!
Frequently Asked Questions
What is Complaint #5321338 about?
Complaint #5321338 was filed against Dovenmuehle Mortgage, INC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-03-14T12:00:00-05:00.
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.