JPMorgan Chase & Co. Complaint

JPMorgan Chase & Co. Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account New York

I have bought a property in Vermont ( - - -, - VT - ) on -/-/- for the price of $150000.00. The property was appraised for $160000.00 at the time of purchase by the Guaranteed Rate the mortgage company that I borrowed from. The loan amount was $130000.00 and since I did not put - % down payment there was a PMI with my mortgage payment. The loan was later on sold to Chase bank and I have been paying my mortgage regularly and never were late or overdue. I have paid extra every month to bring the LTV ratio down to - % so I can get ride of my PMI. MY LTV ratio since - -, - is below - %, however the chase bank is refusing to wave the PMI and insisting on me paying Chase ( $110.00 ) to do a broker price opinion ( BPO ) of my property. I told them why should I pay them extra to the - when clearly Home Owners protection act indicates that there should be automatic PMI termination : " In accordance with the Homeowners Protection Act,

mortgage valued more than what I borrowed from, I clearly followed the bank rules indicating that PMI should be terminated when the LTV ratio is at - %, based on my original repayment. Bank is telling me that since based on my original amortization indicated that I should be at - % by -/-/-. And since I have paid a head I need to get - which does not make sense and this is another excuse for the bank to ask for more money. I have called them several time and I have mentioned to them that what they say is against the home owners protection act which was passed in -/-/- to protect the consumers and it clearly states that the bank should have automatically cancelled the PMI as soon as my equity reaches - %. Thank you for your attention, - - -