Mortgage -- Trouble during payment process -- Complaint #5933746
Complaint Overview
Complaint ID: 5933746
Company: Banco Popular De Puerto Rico
Product: Mortgage
Sub-Product: FHA mortgage
Issue: Trouble during payment process
State: Puerto Rico
ZIP Code: 009XX
Date Received: 2022-08-30T12:00:00-05:00
Date Sent to Company: 2022-08-30T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I purchased an abandoned home in XXXX and I have not missed a payment. The bank that owns the loan is Banco Popular de Puerto Rico. I remodeled it to be my home ( therefore it increased its value significantly ) and recently made a large payment to the principal balance of my loan. I qualify to request the cancellation of the mortgage insurance, which I did in XX/XX/XXXX ( confirmation # XXXX ). The application was supposed to be answered by XX/XX/XXXX, but the bank requested 15 additional days.That extension expired on XX/XX/XXXX. Two appraisals have been made. The bank has still not answered my application, and indeed after my complain to the bank they assigned a new confirmation number to my application, and are now telling me they have another 30 days to answer my request ( confirmation # XXXX ). The bank only tells me that it is the " investor '' ( which is XXXX XXXX ) who has not completed the process. In the meantime, they are forcing me to pay a monthly fee for an insurance I don't need ; and I qualify for its elimination according to the federal law.
Frequently Asked Questions
What is Complaint #5933746 about?
Complaint #5933746 was filed against Banco Popular De Puerto Rico regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-08-30T12:00:00-05:00.
How did Banco Popular De Puerto Rico 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 Banco Popular De Puerto Rico?
Yes, visit the Banco Popular De Puerto Rico company profile at readthecomplaint.com/company/banco-popular-de-puerto-rico 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.