360 Mortgage Mortgage Complaint

360 Mortgage Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account California

- -, - I wrote them a letter stating that I wanted to remove my PMI. I waited a month and after receiving no response, I called them. They informed me they had not received my request. I emailed them my request and again, no response. I called again and they responded within the week ( - - ) via email informing me they would be sending my request to their appraisal department for them to provide me with some options for appraisers in my area. When the list is provided, please order a complete interior/exterior appraisal with comparable properties included. When you have received the completed appraisal, please send it back to us and we will review it for the purpose of removing your PMI coverage. '' So, I waited for the list of appraisers that never came until I contacted them yet again, and finally received a list another month later ( - -, - ). I chose an appraiser off their list and ordered a complete interior/exterior appraisal with comps for $350.00. I


not receive it. I finally emailed it to them via my work email, requesting a return receipt. Once I received a reply stating 360 Mortgage, LLC had received the appraisal, we waited. We were told it takes approximately - days for the removal of PMI once the appraisal has been received. We waited and about - days later ( - -, - ), we received a - page letter from 360 Mortgage, LLC informing us, that our payment was going up $150.00 due to an error '' by their former sub-servicer ''. They further went on to explain that due to the error '', they had determined that their former sub-servicer had failed to anticipate the Mortgage Insurance Premiums '' MIP '' which resulted in a shortage of $1800.00. This shortage is largely due to the required mortgage insurance premium payments being made monthly, but your reduced payment not contributing into your escrow account to fund the disbursements. '' The informed us they were going to throw us a bone and spread this shortage in our escrow over - months ( normally this would be spread over - mos ), to reduce the increase in your monthly payment. When I contacted 360 Mortgage, LLC to ask them to explain their - page letter that was extremely confusing, they attempted to walk me through it and explain to me the mistakes by their former subservicer '', with whom they no longer do business. They also told me they were going to be even more kind to me and order a new appraisal, as the - - they told me to order was not allowed by -. The new appraisal is a minimum of $500.00, but they were so wonderful that they were going to pay for the new appraisal, since I paid for the first one that due to their error, they could not use. Another month went by and after I contacted them again to ask them to explain their - page letter, they had an appraiser contact us. The appraiser came out a - later and completed the appraisal ( -/-/- -. The county tax assessor sent a bill this year saying the house was worth $200000.00 minus our $7000.00 Homeowners exemption, that is $190000.00. The appraisal completed - - - came in at $210000.00. The - appraisal ordered by 360 Mortgage, LLC came in today ( -/-/- ), estimated our home to be worth $160000.00. Hmmmm, a $52000.00 difference from the - appraisal and a $36000.00 difference than the - - Assessor. Now 360 Mortgage, LLC says the home has not increased in value enough to remove the PMI and so they will continue to collect $ -/month until -.