Ditech Financial LLC Mortgage Complaint

Ditech Financial LLC Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Arizona

When I took out my loan I did not put down 20 % equity and had to add private mortgage insurance. I was advised once my loan hits 80 % loan-to-value ratio the private mortgage insurance would be dropped automatically, or I can request in writing that it be removed early if the equity in the home is above 20 %. I contacted Ditech because my realtor ran comparable pricing in the area and found my home had gained more than 20 % equity thus allowing me drop the private mortgage insurance. When I contacted Ditech they stated that they would have to have an appraisal done, which I would be charged for, but they would have to pick the appraiser. I allowed them to proceed because my realtor had informed me the pricing would be well above what was needed. When their appraiser finally provided a value on the home it was 80.6 % loan-to-value. This very much seems like Ditech influenced the value of the home because the comparable sales that the appraiser used do not support her pricing ( I am filing a complaint with the Arizona board of appraisals against the appraiser ). I have since


my private mortgage insurance. At this point, after over 6 months of dealing with Ditech I was forced to refinance my home with another company that was baffled that Ditech could not see the proper home value, they refinanced our loan without even doing an appraisal. I also received from Ditech my original signed documents CLEARY showing that there was NO documentation about the condition they are now holding too. Ditech is claiming that I agreed to a seasoning period with the PMI and that because my loan is less than - years the 80 % condition is changed to 75 %. The Private Mortgage Insurance Disclosure, that I signed, only references that the loan-to-value must reach 80 % or on -/-/2022 Ditech would be forced to remove it themselves. In the document I signed and the discussion I had with loan officer that handled my loan there was NEVER a mention of the 2 year seasoning or the 5 year 75 % requirement. Ditech is manipulating the situation to only benefit hem.