PennyMac Loan Services, LLC Mortgage Complaint

PennyMac Loan Services, LLC Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Virginia

PennyMac Loan Services will not remove the PMI payments on my mortgage. I have made numerous additional principal payments to get the principal below - % of the originally appraised value ( $240000.00 ) on the mortgage. I have never missed a payment and requested that the PMI be removed when the L : V ratio fell below - % of the original appraisal back in - 2015. At this time they ordered a BPO, which found the value of the property to fall from $240000.00 to $230000.00, therefore denying the PMI removal request. I was told by PennyMac that as a result of the BPO, the L : V ratio needed to now be below - % of the orginal value in order for the PMI to be removed. Under instructions from PennyMac, I made further additional principal reductions to get below the 78 % L : V ratio ( based on the original appraisal ). PennyMac is still refusing to remove the PMI even though the L : V ratio is now below - % of the orginal value. Since beginning this process, I have followed up numerous times only to be told different information each time I call. The usual excuse I am given is that they are looking into it and I should wait 10 business days for a PMI removal resolution to be determined. In the meantime, I am still making PMI payments even though my principal balance is below - % of the original value. In my opinion, PennyMac is intentionally providing me with misinformation and using delay tactics to extend the PMI payments on my mortgage. Please assist in getting the PMI removed from my mortgage.