Mortgage -- Trouble during payment process -- Complaint #5747878

Complaint Overview

Complaint ID: 5747878

Company: Mr. Cooper Group INC.

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Trouble during payment process

State: Florida

ZIP Code: 341XX

Date Received: 2022-07-07T12:00:00-05:00

Date Sent to Company: 2022-07-18T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

In XXXX I reached out to Mr. Cooper requesting that my PMI be removed. I made major repairs to my home and purchased the home below market price. I know my have has a minimum equity of over XXXX. I requested that the mortgage insurance be removed from my loan as I have made substantial repairs and upgrades that makes the LTV to be over 70 %. The representative that took my call informed me that based on the repairs I qualified and that the home had to be appraised. I waited over a month and nothing happened. I called back and they informed me that the order for the appraisal was cancelled but could not say why. I asked why I was not notified and she said a letter had to go out. I informed the lady that I would not receive a letter as my account was set up to receive all correspondence via email. She then said, she would escalate to a manager. She then called and informed me that the reason for the cancellation was sent electronically. Which I did receive on XXXX that the reason I did not qualify was " Other and that I should call the customer service desk. '' Which I found this to be an in appropriate reason. I called back and they said that I did not qualify as my loan was not seasoned for two years. Again, I was puzzled as I did not find that to be a qualifying factor when I looked at their guidelines. I again informed the representatives of all my upgrades and the market value of my home. She said she would escalate. Two days later she called to tell me that I did not qualify as the guidelines for the loan to be seasoned was not Mr. Cooper 's rule. I informed her that under the Homeowners Protection act, my loan did not have to be seasoned and that I insisted that this matter be reviewed again. She said they would and that I would receive a new letter with the reason clearly described. I have yet to receive a letter from Mr. Cooper and now they claim that my matter is closed. I emailed them the below information and I still can not get them to appraised my home so that the PMI is removed. Other things to keep in mind about the Homeowners Protection Act Loan investors, including XXXX XXXX and XXXX XXXX, often create their own PMI cancellation guidelines that may include PMI cancellation provisions beyond what the XXXX provides. But these guidelines can not restrict the rights that the XXXX provides to borrowers. For example, the XXXX does not contain any requirements for a loans tenure before a borrower may request cancellation or be eligible for automatic PMI termination ( known as a seasoning requirement ). With this information, please advise how quickly can the appraisal be scheduled since you have had my request for over 30 days.

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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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