Mortgage -- Trouble during payment process -- Complaint #9210342
Complaint Overview
Complaint ID: 9210342
Company: Freedom Mortgage Company
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
Sub-Issue: Private mortgage insurance (PMI)
State: Virginia
ZIP Code: 20165
Date Received: 2024-06-08T12:00:00-05:00
Date Sent to Company: 2024-06-08T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Hello, I have been working in the financial sector for over 10 years. I am writing to file a formal complaint against Freedom Mortgage regarding their handling of my mortgage loan and to request that the Consumer Financial Protection Bureau take action and impose a fine on them for their inadequate service. I purchased my home in XX/XX/year> and subsequently invested approximately {$150000.00} in substantial improvements, including finishing the basement, adding a new bedroom and bathroom, installing a full kitchen, creating a walkout basement, and upgrading drywall and flooring. Given these enhancements, I contacted Freedom Mortgage to request the cancellation of my Private Mortgage Insurance ( PMI ). Freedom Mortgage employed a valuation company with no valid web presence, and their report contained numerous inaccuracies. While XXXX and XXXX estimate my home 's value at around {$770000.00}, the valuation company reported it as {$720000.00}. This suggests that my {$150000.00} investment inexplicably decreased my home 's value by {$45000.00}. When I reached out to the valuation company to address these inaccuracies, they could not answer my basic questions. I then contacted Freedom Mortgage to request a revaluation. They assured me they would consult investors and respond within 15 days. However, after XXXX months and multiple follow-ups, I discovered they had forgotten about my request and asked me to resubmit a new PMI cancellation form. Despite my efforts, I never received a response. Freedom Mortgage offers only two ways to contact them : phone and their website messaging system. Despite numerous calls and messages, I received delayed, automated responses that did not address my concerns. I have repeatedly asked them to read my requests carefully and respond appropriately, but they continue to send automated replies. It has been over six months, and Freedom Mortgage continues to collect improper PMI payments without taking corrective action. I request a full refund of all PMI payments made since the incorrect valuation report. I urge the Consumer Financial Protection Bureau to take immediate action against Freedom Mortgage and impose a fine for their failure to provide adequate service and for improperly collecting PMI payments. Sincerely, XXXX XXXX
Frequently Asked Questions
What is Complaint #9210342 about?
Complaint #9210342 was filed against Freedom Mortgage Company regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2024-06-08T12:00:00-05:00.
How did Freedom Mortgage Company 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 Freedom Mortgage Company?
Yes, visit the Freedom Mortgage Company company profile at readthecomplaint.com/company/freedom-mortgage-company 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.