USAA Savings Mortgage Complaint

USAA Savings Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Kentucky

When we refinanced our home, the paperwork indicated we could apply to remove the PMI from our mortgage on -/-/-, prior to the automatic termination date of -/-/-. In -/-/-, I called to inquire and was sent application paperwork. After receiving the paperwork, I called to ask about the difference between a Broker Price Opinion ( BPO ) and an Appraisal, since the cost difference was substantial. I was led to believe a BPO was an external inspection of our home to ensure it had not fallen into disrepair. From my recollection, I was never told, nor were there any implications, that the realtor would be doing a detailed cost comparison to other properties. The inspection date was -/-/- and I received the BPO along with a letter stating that I now needed an appraisal to remove the PMI. I reviewed the BPO and found several inconsistencies that substantially reduced the realtor 's price opinion of my home.


phone calls. She asked if I wanted to dispute the BPO 's findings, which I did. She informed me someone would be in touch with me within 2-3 business days after they reviewed my PMI removal application. I never received a call, so I called again the following week and was told my information was under review with a -/-/- deadline. Knowing I would n't receive a call on -/-/-, I called again on -/-/- only to be told by customer service that BPOs are not disputable, regardless of whether the data is accurate or not. I sent an email to the parent company 's web site ( USAA ) complaining about the process, in particular the errant BPO. While I received a nicer response from the parent company, the message was the essentially the same : " We do n't care if the BPO is inaccurate, because it works in our favor. If you want the PMI removed prior to the automatic termination date, you need to get an appraisal ( i.e., we get to charge you more money for the appraisal AND keep charging you PMI ). '' I have attached the following documents : a. BPO pages showing comparative sale data and comparative listing data b. -/-/- Refinance appraisal page showing specifications of my home. c. Spreadsheet showing comparable sale data taken off USAA 's own web site, along with additional comparable sales found within our immediate neighborhood area. d. Spreadsheet showing comparable listings within our immediate neighborhood area. e. Letter to USAA parent company and response received. f. Outline of errors/inconsistencies contained in the BPO, along with an accurate cost comparison using one of the BPOs comparable listings.