BB&T Financial Mortgage Complaint

BB&T Financial Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Pennsylvania

My wife and I bought our home -/-/- at which time we paid $170000.00 and it was appraised at $220000.00. With the equity in the home we knew we should be very close if not past the point to be able to have our PMI removed from the mortgage once we made our - payment this past - -. I contacted the bank to get the process started and they denied me by stating that I would have to provide proof of substantial improvements in order to be considered before having made 2 years of payments. I submitted to them work orders and receipts of installing a brand new heat pump system into our home. The house previously only had base board electric heaters and central air. This new system comprised of removing the old A/C system and placing a new air handler and duct work that ran through the basement in order to maximize efficiency and has since decreased our annual electric usage by about - % and saved us almost $ -/year in electric. We spent near $19000.00 for this system and I understand all that would n't equate into new value for the home but it would


small improvements. The bank denied me submission stating there was no sufficient work done. I immediately appealed and told them I would take my business elsewhere and they quickly accepted my appeal for a re appraisal. I sent them a check for $450.00 as requested to pay for an appraisal. The gentleman who came to our home was rude and made a joke of our home whenever I talked about things we had done. He acted like our brand new heat pump was junk and made fun of us for it. His appraisal came back at $190000.00. I immediately appealed the appraisal and stated to them since we bought our home the local property values have gone up and our county 's - has changed from 1.26 to 1.29. Plus the major improvement of installing the heat pump it is n't logical for the value to go down, especially not by $31000.00!! I attached my original appraisal which has the sale comparisons and they returned my appeal and said it was n't valid because I did n't specify what updates have been done to be considered, which I have said 5 times through this process with them. Somebody has committed fraud against us, either the original appraiser in order to help the bank close on the property or the - appraiser in order to make sure I ca n't get the PMI removed.