LoanCare, LLC

2019-01-12

N Falls, NY

Trouble during payment process

Mortgage: FHA mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2019-01-12

Rocky Ridge, MD

Struggling to pay mortgage

Mortgage: Other type of mortgage

Complaint: XX/XX/XXXX submitted a request for short sale approval loan care loan # - XXXX, poc contact # XXXX XXXX XXXX XXXX ; email - fax to XXXX, XXXX, or XXXX, XXXXt ; XXXX LoanCare closed their review file in XX/XX/XXXX stating documents needed were not received. The package was sent again on XX/XX/XXXX. The documents were complete, customer service verifies verbally they see the documents but loss mitigation is prompting the system that the docs are needed There is a ready willing and able buyer trying to close by month end XX/XX/XXXX ( we could have closed in XX/XX/XXXX providing further legal resolve ) and the first lien approval extended once already is about to expire. We need to get to closing before foreclosure. Loan Care is not processing the file competently and we need them to be accountable for the delay, process the file and provide a response asap. please help XX/XX/XXXX has been processing the short sale for settlement and has all communications documented. We simply need this bank to process the documents and provide a response asap. also, banks do not understand the legal listing agreement. they request extensions to this document when they are not needed. Paragraph 4 clearly states the agreement is valid if a contract is entered prior to the listing expiration. please help all banks understand this as it causes delay transaction after transaction.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2019-01-11

Poteau, OK

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2019-01-09

Grosse Ile, MI

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: Our mortgage loan was transferred from XXXX XXXX to LoanCare before our first payment was due. We received a goodbye letter from XXXX XXXX on XX/XX/XXXX and our first payment was due on XX/XX/XXXX. We had not received a welcome letter from LoanCare prior to our first payment being due, so we went ahead and set up a payment through our bank 's ( XXXX ) bill pay system using the information provided by XXXX XXXX regarding where to send our payments and our new servicer loan number. The payment was sent on XX/XX/XXXX and was delivered on XX/XX/XXXX. The payment in the amount of {$1200.00} came out of our bank account on XX/XX/XXXX and the payment was accepted by LoanCare so it was not returned to us. On XX/XX/XXXX we received our welcome packet from LoanCare. Upon reading it, we realized that XXXX XXXX had given us the incorrect new servicer loan number. They had omitted one number from the loan number in error. I called LoanCare to see if our payment had been received and they claimed that it had not, likely as a result of the wrong account number being included on the payment we sent. I've been working with XXXX XXXX and LoanCare to try to get LoanCare to search for our payment to have it properly applied to our account. However, LoanCare is refusing to search without a copy of our bank statement which is not currently available until the end of the month. I have provided them with our transaction history showing the payment to LoanCare and that we had sufficient funds in our account when the payment was made as well as " proof of payment '' from XXXX that outlines the transaction details and they are refusing to help locate the payment. If they were not going to search to have our payment applied to the correct account, they should not have accepted the electronic payment in the first place so that we wouldn't have to do all of the leg work to prove we made the payment. Also, XXXX XXXX should have made sure that they sent us the correct information regarding our new loan servicer and our new loan number. As a result of their error, we are dealing with our payment being " late '' despite sending it in on time and having to jump through hoops to try to get LoanCare to locate our payment. I spoke to the CFO of XXXX XXXX on XX/XX/XXXX and she admitted that they had become aware of the mistake about 3 weeks ago when they went to wire our escrow money to LoanCare and LoanCare told them they had the incorrect loan number. However, no one had contacted us to notify us of the error and I only realized upon receiving our information from LoanCare a week after we had already made the payment. I am worried that this will not get resolved before our 60 day grace period during the transition between servicers and that LoanCare will attempt to charge us for a late payment and report the late payment to the credit bureaus despite us having paid on time and the fact that the error in the account/loan number was no fault of our own. I have attached the transaction history for our bank account showing the payment to LoanCare on XX/XX/XXXX as well as the " proof of payment '' provided to me by XXXX that outlines the details of the transaction of our payment to LoanCare.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2019-01-09

Leeton, UT

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: During the closing of my loan, I pointed out to the lender ( XXXX XXXX XXXX ) that they had an error in their algorithm to calculate the property taxes on a newly constructed home. Their formula failed to reduce the total for the 40 % exemption for homes used as a primary residence ( XXXX XXXX County,, Utah ). To preclude re-doing all the closing documents, the lender advised that we could easily fix that after the close. This was in XX/XX/XXXX. After closing, XXXX XXXX XXXX ( XXXX ) advised that they could not change the calculaton until XXXX XXXX County completed there XX/XX/XXXX assessment for values. That delayed the refund until XX/XX/XXXX. ( meanwhile, XXXX continued to bill the excess amounts each month based on their error in the tax calculation. When I received the estimated taxes, I provided that to XXXX and was told they had to wait until the taxes were paid. XXXX paid the tax, but then sold my loan to XXXX XXXX. I contacted Loancare, they reviewed the escrow account after payment and agreed to return a little over {$2000.00} that had been over-collected. That occurred but now, when I ask LoanCare to re-estimate my withholding for the XX/XX/XXXX taxes, I am told that the amont must remain the same, based on what was done at the time of the closing in XX/XX/XXXX and they can not change that until there has been a new tax assessment after the home is 1 year old. That means they will continue to over-bill the escrows until XX/XX/XXXX as XXXX XXXX County asseses taxes in XXXX of each year. LoanCare will then re-evaluate in XXXX and again need to return to me the {$1500.00} or so in excess funds. Seems they would base the monthly withholding on what was paid in XXXX, and maybe increase it by a factor if they project growth in XX/XX/XXXX. The key is that even the new lender is not using the 40 % exemption factor for a primary residence. The biggest issue is with XXXX not following through with their promise to reevaluate last XX/XX/XXXX/XX/XX/XXXXand then selling the loan to LoanCare who in turn continues to use XXXX data from the closing. This is compounded as I purchased 3 properties at the same time. Each one has the same excess being held, so that was over $ 6K in XX/XX/XXXX and will be approx $ 4.5K in XX/XX/XXXXif they do not make the needed changes.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2019-01-08

IN

Trouble during payment process

Mortgage: FHA mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2019-01-08

Dover, DE

Struggling to pay mortgage

Mortgage: FHA mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2019-01-06

AL

Struggling to pay mortgage

Mortgage: FHA mortgage

Complaint: We lost our household main income in XX/XX/2016 and got behind.We saved our house 1 time before and had to pay over XXXX dollars to do so as first loancare said you owe XXXX which is way larger amount than our amount of delinquency. We got loans sold items paid the amount. Then they said it wasnt made in time, house was already sent to foreclosure we had to pay another XXXX to get it from there and back to legally mortgage. We almost lost everything we owned cars etc to pay this amount but saved it. Now owe so much on loans we had to save it the 1st time we got behind again this year. Weve offered fo pay 2 months as they are saying 3 are due even if XX/XX/XXXX. Isnt even here yet, but they said theyd refuse them. I'm calling HUD on Monday, but there has to be some help out there with these people. It is every 6 months them doing something mike this to us. Weve tried the loss mitigation with the company they refuse is except the 1st time 24 mo ago lowering our payment by {$20.00}. But that was prior to the job I was at letting me go.
Company Response: Closed with explanation

Timely Response

2019-01-04

Roxbury, NY

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2019-01-03

Warrenton, VA

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: XXXX obtained two loans from XXXX XXXX XXXX in XXXX, Virginia, one in XX/XX/2018 and one in XX/XX/2018. Both of these loans were subsequently sold to the LoanCare company. There was no problem with the loans or the repayments until XX/XX/2018. On XX/XX/XXXX, the payment on the first loan was properly applied. However, on XX/XX/XXXX, the payment on the second loan was incorrectly applied to the first loan as a repayment of principal ( since no payment was due ). No payment was recorded for the second loan. As a result, in XXXX, the first loan processed the XXXX payment correctly ; however, the payment made on the second loan was posted as a delinquent payment for XXXX. In XXXX, the first loan processed the XXXX payment correctly ; however, the second loan payment was listed incorrectly as a delinquent XXXX payment. I emailed the company and was assured that they would correct this, but they did not. I have called the company several times and, each time, they assure me that this will be corrected in a few days. This has gone on for several months and they still have not corrected the error. Instead, the company sends me regular notices that I am delinquent and requesting information about how/when I plan to make payment. They also assessed various penalties, which have not yet been reversed - even though this was the loan processor 's error. This was entirely the fault of the loan processor. All they need to do is reverse the incorrect {$2500.00} credit posted to the first account [ XXXX ], which they posted on XX/XX/2018 and credit this same amount as the XXXX payment to the second account [ XXXX ]. If they did this, then the XXXX payment on the second account would be timely, the XXXX payment would be timely, and there would be no delinquencies or penalties. The company has not disputed that they made an error. They continue to promise to fix it but have not done so in almost three months. They have a record of my phone calls and emails, since they cited them to me in my phone calls.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2019-01-03

Lewisville, TX

Trouble during payment process

Mortgage: FHA mortgage

Complaint: In the beginning of 2018 we had some medical bills that set us back and we requested to LoanCare to move a payment at the end of the term as a deferred payment. They didnt denied but in result the bank gave us paperwork for a loan modification. They took a little while before they sent us the first set of papers in which you can find attached. These first set stated that there would be THREE trial payments and that they will send us more paperwork right after the last trial payment. The last TRIAL payment was made on XXXX XXXX 2018 according to their terms and we were expecting to see something in XXXX. Since we didnt hear anything we started calling them for an update but no one was able to give us an answer of where and how the loan stand and in mean time we kept making our monthly payments on time but we didnt know that they were still considered trial payments even though the paperwork stated only three trial payments. At that time we kept calling LoanCare to find out more information. This was hectic as no one knew what was going on. They kept telling us different information and we never were able to get a clear answer. One thing they kept telling us that the underwriter that was handling our case was not responding. In XXXX I contacted my legal advisor and they explained a little more on how a loan modification works. They told me that I should be getting paperwork where I could see the numbers in how the loan modification was going to be. This would include the loan valance before the loan modification as well as how the payment were going to be applied to the loan including the new balance and the new payment. They said that after they send this then they will work on the FINAL loan modification paperwork. We finally got some paperwork from LoanCare on the third week on XX/XX/2018 ( attached ) but this was the final paperwork that stated the new loan amount and the new payment amount. We never saw how the payments that we were sending were going to be applied to the loan and we dont understand how they got the new Loan amount. This is because before we started this loan modification we had a balance of {$260000.00} but they put that new balance now is for {$280000.00} which is what we originally purchase the house for and we dont know why it went up from $ XXXX to $ XXXX, we also dont know what happened to the money from all the payments we made while they get this loan modification. Based on what our legal advisor told us and the information given on the last paperwork, we called LoanCare to ask for the paperwork where it explains the numbers on how they got to the new terms and they told us that they were going to send them. After this, LoanCare called us days later saying that the underwriter stated sending them but we have never did. The lady who called us try to explain over the phone how they got to the new numbers but we need to see that information and agree and sign. She said that she couldnt disclosed that information in writing since it was for internal use only. At that time they told us to sign and send the paperwork as soon as possible which a find very estrange that they took all this time to send the paperwork and they sent them on the holidays giving us only seven day to sign, notarize and return. We felt obligated to sign and agree to something that we didnt feel comfortable signing and we feel like we are taking advantage of. This Is not a right way to do business and as a consumer I would like to know where my money went and how this was applied. I would like for LoanCare to disclose the financial breakdown where I can understand it and for someone in Consumer finance to please look at my paperwork from LoanCare and let me know if this is actually correct.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2019-01-03

Bentonville, AR

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2019-01-02

Almonesson, NJ

Struggling to pay mortgage

Mortgage: FHA mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2019-01-02

San Jacinto, CA

Struggling to pay mortgage

Mortgage: VA mortgage

Complaint: I am an XXXX XXXX, XXXX XXXX XXXX. I am having trouble with a mortgage company that goes by what appears to be varying names, those being XXXX XXXX, XXXX XXXX and or LoanCare LLC. The background is a bit of a long story, so I will condense as much as possible and I beg your patience in reading it through. I am looking for help with for what appears to be illegal business practices and violations of housing laws as well as the Service Members Civil Relief Act ( SCRA. ) I feel that my home and my familys security and well being are at risk. Let me begin by explaining that this house is home to myself, my wife, my XXXX-year-old son, my federally recognized XXXX mother-in-law, my federally recognized XXXX veteran brother-in-law and his XXXX-year-old daughter. Now I will explain, at the start of XX/XX/2017, I was sent on a temporary overseas deployment. There were issues that left me stranded and unable to either complete the deployment or come home. I had to spend a week overseas and pay for hotel and food out of my own pocket. I was brought home within a week but was unable to be compensated for my expenses in a timely manner. The cost was sizable to me, especially considering I was only an XXXX and have a family to support. I had re-financed my home in XX/XX/2017 and contacted my mortgage company as soon as possible in XXXX, in order to try and get ahead of any issues that may come up. I spent hours on the phone trying to reach somebody without success. When I did finally get through, I was told that no one would be able to help me until XXXX. As my duty station required me to be away from my family so my wife also tried to contact our mortgage company. She was told that despite having a broad power of attorney since at least XXXX, that was more than acceptable to complete my first mortgage and do paperwork to refinance the house, she was unable to talk to them about the mortgage because By law she was not allowed to talk to them because she was not on the loan. I spent more hours on the phone trying to get a hold of someone so that I could finish anything they needed to allow my wife to talk to them. I was able to complete paperwork for the mortgage company and submit it so that my wife could help with contacting and working with them in late XXXX or early XXXX. What bothered me at the time was that during the refinance it had been stated multiple times that she needed that ability and we were assured that it was already taken care of. When I finally got a hold of someone at the mortgage company in XX/XX/XXXX about the financial impact of the deployment, I was told that they couldnt help me until the payment was actually late, but that they would move the late portion out to the end of the loan and merely extend the loan after the payment was late. As soon as the payment was late, I contacted them again. I was told that there was loss mitigation paperwork that was needed and that they would XXXX it to me so that it would be at my house before I left to go back to my command after my XXXX Leave. It was not to my house until over a week after I left which required additional time for my wife to get the paperwork to me. During that time, my wife attempted to contact the mortgage company again both to discuss what was going on, and a separate time to attempt to make a payment over the phone as we were locked out of the online access to our account. Both times my wife was refused as she was not me, and she was told that there was no paperwork authorizing her to discuss the account. Despite both the assurance during the refinance, and the paperwork I had submitted over a month before for her. Multiple attempts to submit paperwork were done leading up to the summer of XXXX. At that point my family and I had been attempting to find an organization or entity to help us and got in touch with one. We began working with this other organization and at that point LoanCare LLC began to acknowledge our paperwork as we worked with their loss mitigation department and also started discussing things with my wife in my absence. We were able to work with this other organization and finally got a Loss Mitigation Package accepted ( I would like to add that we still could not get phone contact with them only the other organization was able to ) That package was denied, an appeal submitted, and that was also denied but due to reasons that did not match the package that was submitted. We have been told that our house was in foreclosure but that there was no sale date. My credit has been severely damaged, and I have been unable to re-finance with a bank that would be more responsive. On XX/XX/XXXX 2018 a main pipe busted underneath the house and it severely flooded 7 rooms in the home. We were forced to be displaced during all this and the future repairs. The insurance company has been wonderful in doing its job however, we have met with the typical LoanCare LLC brick wall. We had to send the insurance check to for them to sign so the contractors can be paid, and they were demanding a great deal of paperwork from the contractor before they will endorse the check. The contractor faxed them all of the paperwork required. Still there was nothing, when we were finally able to contact them again and they said the contractor had sent them nothing. We got the contractor on a 3-way call with them and they still denied receipt of the necessary paperwork. We authorized them to speak with the contractor concerning this matter in the future. The contractor refaxed the paperwork and we are all once again at the mercy of LoanCare LLC. A very unresponsive, unethical, company. I am at a complete and total loss. I need help. I am trying to serve my country, but it is difficult to concentrate on that when in the back of my head I know my family is in jeopardy of being homeless because of the unresponsive, unethical and illegal practices of LoanCare Mortgage LLC.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2019-01-02

NC

Trouble during payment process

Mortgage: VA mortgage

Complaint: My home was damaged during Hurricane Florence. My mortgage company servicer LoanCare decided to progress monitor my claim. This required me to endorse all checks to them. After finally getting the insurance company to approve the damages and finding a contractor that was willingly to work with me and meet the requirements that the mortgage company servicer set forth, the work began on my house XX/XX/XXXX. The mortgage company servicer stated that before work began I would be sent 25 % of funds to pay the contractor. An additional 25 % would be paid when the contractor was at 50 % completion of repairs and the remaining 50 % when the work was completed. I requested the inspector to come out to inspect the property on XX/XX/XXXX. Per there policy the inspector was to contact me with 6 days. It is now XX/XX/XXXX and I havent heard from the inspector. Whenever I call Loancare requesting an update they put me on hold for extensive times and tell me they sent it to the escalation department. I didn't receive the full 25 % up front. Of the XXXX they are holding I have received only {$2000.00}. The contractor is waiting on funds and the repairs are 100 % complete.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-12-31

Greenwood, CA

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: House burned down in camp fire on XX/XX/XXXX sent my structure check to XXXX XXXX XXXX ... XXXX XXXX XXXX overnight-ed signed with a letter stating to pay off my loan and overnight my funds back to me ASAP on XX/XX/XXXX ... .as instructed on XX/XX/XXXX by them ... i have been given the run around since no one can verify when i will receive my remaining balance, one person says they received it and processed it on the XX/XX/XXXX even though i have proof it was received on the XX/XX/XXXX as instructed ... they gas light me ... and i was never able to receive a phone call back from a manager/ supervisor for over two weeks after calling daily not only do i have the stress of loosing one home they caused me to loose another in escrow because of this ... now as of Friday the XXXX a XXXX XXXX supposedly a Manager was going to return my phone call today XX/XX/XXXX he verified the receipt of the check ( which was cashed ) as well as my letter asking for funds to be returned to me ... .i get a phone call this morning from some other woman ... .stating there is no request to return funds to me letter ... ..several agents mind you have already acknowledged the letter was there i have a copy of everything as well. I want my money back this Co ... is either keeping my money to earn interest on purpose or is totally no qualified to handle servicing of loans i have emailed corporate filed a XXXX complaint called everyday ... .most i talk to are rude and uncaring and either act like i haven't done something right or didn't follow procedure which is all a form of Gaslighting ....
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-12-26

Miami, FL

Trouble during payment process

Mortgage: FHA mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-12-26

OH

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: We have been trying to get the remaining funds from our insurance claim for 2 months now. The final inspection was handled on XX/XX/XXXX, but we had two additional checks sent to loancare that were posted to our account on XX/XX/XXXX. I submitted a XXXX complaint on XX/XX/XXXX. On XX/XX/XXXX we received two calls. 1st call indicated they were escalating the request for a 2nd inspection and the 2nd call indicated they would be issuing a payment in 5 business days. To date, neither has happened. No inspection and they have not released the remaining funds from our insurance claim.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-12-26

Katy, TX

Struggling to pay mortgage

Mortgage: FHA mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-12-22

Wallington, NJ

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: My mortgage company is called XXXX XXXX XXXX/ My Loancare. Ever since our mortgage was sold to them 2.5 years ago, they consistently do not pay our property taxes on time which results me in having to call and beg them to pay on a quarterly basis. Every 3 months like clockwork we receive mail from our town stating our tax payment is overdue and we are being accessed late fees, or even worse, that our home will be " advetised and sold under the provisions of N.J.S.A 54:5.19 ET SEQ, which governs the enforcement of the collection of all unpaid taxes ''. We have more than enough cash in our escrow account, there is no reason why they shouldn't be paying our tax bills on time. Our tax bill this quarter was due on XX/XX/XXXX. We reached out to them first on XX/XX/XXXX and asked them to pay, then again on XX/XX/XXXX when we received the tax sale notice. The assured me they would and would send the check overnight. We get a call today saying they sent the check via regular mail on XX/XX/XXXX and could not confirm it was paid. When we called our city 's tax department, they verified they have not received the payment. They said my taxes have been sold and there is now i lien on our property. Now our credit score 's are damaged because of this company 's inability to pay a simple tax bill for us. We are sick and tired of fighting with them every 3 months about the same exact thing.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-12-22

Mooresville, NC

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-12-21

Detroit, MI

Trouble during payment process

Mortgage: FHA mortgage

Complaint: Last year XX/XX/XXXX my city replaced my sidewalk. The bill for the replacement was added to my winter tax bill which increased my taxes from {$87.00} to over {$1600.00}. I was well aware that this would cause a shortage in my escrow therefore increasing my payment per month. Upon receiving my escrow analysis statement I realized Loancare was still anticipating paying {$1600.00} the following year XX/XX/XXXX. I called and explained the situation at which time I was told to send in my tax statement to have this corrected. I sent in my tax statement, HIGHLIGHTED the tax amount and wrote ( with arrows ) what happened and to please adjust my tax collection and run a new analysis. A new analysis was ran but the tax amount was still set at {$1600.00}. I called again but there was an extensive hold time so I decided to leave it be for now and consider it a savings account until XX/XX/XXXX. Winter tax statements became available XX/XX/XXXX, I attached a copy of my XX/XX/XXXX statement requested my taxes be adjusted and a new analysis ran. The taxes were not adjusted AGAIN an analysis was ran and my account still shows I have a shortage. I called was transferred twice and was told I need to submit a written request. How many requests does it take to get this right?!
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-12-20

Lahaina, HI

Trouble during payment process

Mortgage: Other type of mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-12-19

Rncho Domingz, CA

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: I have my current loan for my1st house with XXXX XXXX XXXX ( Loancare ). I have been paying promptly my payments for the past 2 years. In order to get rid of my PMI, I have been following their instructions and as per they letter, it states : " If you would like to pursue a cancellation of PMI based on the current value of your property, an appraisal is required to determine if your LTV has reached 80 % or less ''. I have requested the appraisal, paid for it, and the LTV is now at 79 % for the past 4 months. Since I didn't have 2 full years of loan payment, they have asked me to contact back in XXXX ( never understood this, but anyway ). I have contacted them, and now they state over the phone : since you had an appraisal done, the LTV has to reach 75 %. On a new letter sent to me they are advising me I need an appraisal and LTV has to be 80 % or less. I have asked a few other brokers and accountant and they have never heard of the 75 % and have advised me to contact you. Also, this keeps dragging for over 4 months now and despite email communication, complaint about their services and phone calls I am still waiting for a proper answer. I really would like to understand my rights and since when once an appraisal is done I need 75 % of LTV, especially as this was never required in any of their letters. Thanks
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-12-18

Livermore, CA

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response