Mortgage -- Trouble during payment process -- Complaint #8281859
Complaint Overview
Complaint ID: 8281859
Company: Fifth Third Financial Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
Sub-Issue: Private mortgage insurance (PMI)
State: Michigan
ZIP Code: 496XX
Date Received: 2024-02-04T12:00:00-05:00
Date Sent to Company: 2024-02-04T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX Fifth Third Bank NA, contacted me by phone and told me that I had reached the point in my loan to have the PMI dropped from my loan. They told me all I had to do was provide a written statement requesting the removal. I provided that within the hour, and have received two notices from Fifth Third since ( one dated XX/XX/XXXX and the other XX/XX/XXXX ), that state " The owner of your mortgage loan, XXXXXXXX XXXX XXXX XXXX has determined that it can not cancel your PMI at this time using the information it has. '' They aren't going off the original assed value of my home and are telling me I have to pay {$500.00} for a new assed value before they can make that determination. I have gone to the local branch in XXXX XXXX and met with their Mortgage Loan Originator and have continued to be in contact with him since. He has stated that he can see on my account that I am at the point on my mortgage loan that the PMI can be dropped. Fifth Third is refusing to drop the PMI as they are legally responsible and required to do. Instead they are refusing to drop it, taking more of my money and trying to force a {$500.00} new assessment of my home on to me. I had also provided the tax documentation from my county that shows the taxable value of my home to show that the value has increased not decreased. I want my PMI removed from my loan and the reimbursement of the PMI I have paid since XX/XX/XXXX which is the date Fifth Third Bank contacted me first and told me it could be dropped due to where I was at with the XXXX ratio of my home loan.
Frequently Asked Questions
What is Complaint #8281859 about?
Complaint #8281859 was filed against Fifth Third Financial Corporation regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2024-02-04T12:00:00-05:00.
How did Fifth Third Financial Corporation 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 Fifth Third Financial Corporation?
Yes, visit the Fifth Third Financial Corporation company profile at readthecomplaint.com/company/fifth-third-financial-corporation 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.