Quicken Loans Mortgage Complaint

Quicken Loans Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Michigan

We refinanced our mortgage with Quicken Loans in - -. We had the money to pay it down under the 80 % required to avoid a PMI payment, but the money was not liquid and would have been difficult to get immediately. The broker informed us that the PMI payment would drop off as soon as our LTV was under 80 % ( or possibly 78 % ). We then proceeded to pay down the mortgage as we said we would, and it was under 80 % right around - of -. We notified Quicken Loans that the loan was under 78 % and they told us that they could not drop the PMI without another appraisal ... ... just 3 months after the loan was refinanced. Without this appraisal they now intend to charge us PMI insurance until -, when the PMI would have dropped off naturally. This is a 15 year fixed mortgage and the LTV is currently around 75 % based on the original appraisal. Nothing has happened that could possibly decrease the value of the house between the refinance date and when the principal was under 78 % ( or the present ). The real estate


off within months. We could have sped up the pre-payments to be under whatever deadline they have assessed here. If we would have been informed then we could have also paid the money up front and avoided this all together. We had ample savings at the time the refinancing was done to pay it down at the time of refinancing, and can prove this. I also believe the servicing department is being oppressive by requiring an appraisal just months after the refinancing. I could pay the appraisal fee and let it go, but I 'd rather make a point to file a complaint in hopes that other people do n't get cheated like this.