Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #5679412
Complaint Overview
Complaint ID: 5679412
Company: Bsi Financial Holdings, INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: New Jersey
ZIP Code: 085XX
Date Received: 2022-06-16T12:00:00-05:00
Date Sent to Company: 2022-06-16T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
In XX/XX/XXXX I reached out to BSI Financial to ask how I can go about requesting PMI discharge on my mortgage. I spoke with a rep on XX/XX/XXXX at XXXX and asked if it was possible and if there was any specifics I needed. She escalated within the corporation and they indicated yes I could request discharge, that I would just need to get my own appraisal and submit via email. There were no other conditions. I then again called XX/XX/XXXX at XXXX and spoke with someone else asking again if there were any specific conditions I needed to meet to discharge PMI and if they had a specific appraisal form, after speaking with an appraiser. They again confirmed there was no specific form and no additional requirements. Submitted appraisal on XX/XX/XXXX. Spoke with someone XX/XX/XXXX and said it was still in review. On XXXX we received a letter saying it was rejected because we hadn't owned the home for atleast 2 years. NEVER was this information told to me and you can not find their requirements anywhere online, nor was I provided this information before the appraisal when I asked multiple reps. Obviously I wouldn't have gotten an appraisal and wasted {$400.00} if that was the case. I want my appraisal money reimbursed. I submitted an appeal to this on XX/XX/XXXX and never got a response. My husband reached out within the last 3 months and asked again, and they said we didn't qualify for discharge because of the 2 years. Our equity is well above 20 % and PMI should be discharged. They also indicated they haven't received evidence the value of property has not declined below original value which is completely false. I asked numerous times for requirements to discharge PMI and they knew how long I owned the home for because they hold the mortgage. My mortgage was started in XX/XX/XXXX and then was sold to BSI financial. It's not like I could choose who bought my loan immediately after we closed. I do not want to pay another {$400.00} for a new appraisal now when I would have waited to begin with. I want either my {$400.00} reimbursed or my PMI discharged with a credit for the amount paid between my submission and now.
Frequently Asked Questions
What is Complaint #5679412 about?
Complaint #5679412 was filed against Bsi Financial Holdings, INC. regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2022-06-16T12:00:00-05:00.
How did Bsi Financial Holdings, 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 Bsi Financial Holdings, INC.?
Yes, visit the Bsi Financial Holdings, INC. company profile at readthecomplaint.com/company/bsi-financial-holdings-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.