FHA mortgage Trouble during payment process
U.S. BANCORP Mortgage department,
The company in question is US Bank, our mortgage provider. We are attempting to remove our monthly MIP ( mortgage insurance premium ) from our bill. Per FHA and guidelines from US Bank, the following conditions must be met : 1 ) The loan must be 5 years old ( we closed on -/-/- ) 2 ) The LTV ratio must be 78 % of original value. Per their own documentation ( attached ), we need our balance to be below $180000.00. Our current balance is $180000.00. 3 ) We must have a good payment history ( we have zero missed or delinquent payments in our payment history ).
On -/-/- we received a letter from them which spelled out all of the requirements ( see attached letter ), which we have now met. On -/-/-, we made a large lump sum payment to bring our mortgage balance down to below the 78 % LTV ratio threshold. On -/-/-, we sent a letter to the email address specified by US Bank as our written request for removal of the premium. This was confirmed to be an acceptable way to request removal of the premium. On -/-/-, we called to check the status of our request, and a customer service representative for the bank told us that we were a " few hundred dollars off '' and would need to pay some more. Our balance and the letter show otherwise. I feel that we are being ripped off. We will continue to escalate with the bank, and, in addition to contacting the CFPB, we will be contacting our local representative, as I have heard this story too many times among friends of mine who have also attempted to remove MIP. We appreciate your time in reading this complaint, and hope to come to a resolution soon.
U.S. BANCORP customer in Pennsylvania
May 26, 2018
* Source: CFPB Complaint Database
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