U.S. Bancorp Mortgage Complaint

U.S. Bancorp Mortgage department,

FHA mortgage Loan servicing, payments, escrow account Washington

Dear CFPB : I 'm a resident in -, Washington and a mortgage holder/home owner who has questioned the need for continued PMI insurance with US Bank, my mortgage holder, for the past two+ years when I learned the government is changing the rules regarding PMI. I fully accept the rationale for the insurance when my deceased husband and I refinanced our home in - -. At the time our loan to value ratio did not meet the requirement. We were satisfied with the 3.75 % interest rate and considering my husband was - we were seeking a way to lower the monthly payment to prepare for me being solely responsible for debt should he die since his life insurance would not pay off the mortgage upon his passing. We did get an FHA loan. My specific complaint has arisen because I get constant solicitations in the mail and over the phone to refinance my home which continues to increase in value including solicitations from my mortgage holder US Bank. I owe $410000.00 on my loan. My monthly payment consists of $810.00 principal, $1300.00 interest, $450.00 tax, $160.00 insurance and $380.00 mortgage insurance. The county assessor has recently increased my


Again I was told no. But, I could refinance and move into a conventional loan which would mean more fees paid to US Bank and a likely loss of the 3.75 % interest rate due to my annual income being less than it was. I 'm topld because my loan is an FHA loan and not a conventional loan I can not simply drop the PMI. I 'm also told should I continue to pay on time until - -, which I have never been late with a payment in history of me holding the loan, will the PMI be dropped. My house hold income is less than 50 % of what it was when my husband was living. I 'm seeking relief of the PMI and would be thrilled if there was a way to get a refund on what I 've paid into US Bank since the government changed the rules on PMI. Its difficult for me to understand the rationale of a relief on a conventional loan, but not an FHA loan. That makes no sense if the government is trying to help mortgage holders like me. Can you please help me understand why?