SunTrust Banks, Inc. Mortgage Complaint

SunTrust Banks, Inc. Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Maryland

Our refi loan is subject to PMI. The loan was initiated in - - with - - -, sold to - within the first month, then sold to - in - of -. Within the PMI Disclosure ( Fixed Rate Non-High Risk Loan ) signed at closing it gives two options for PMI termination. 1 ) upon 80 % LTV we can request termination of PMI and 2 ) automatic termination at 78 % LTV. The Original Value of the home based upon a - appraisal was $ -. In the case of the first, we requested termination in - at which time an appraisal was requested by the lender who contracted with an appraiser, this is allowed by the terms of the PMI Disclosure. The appraiser did not know this market, was officed - miles away, and pulled inappropriate comps leading to a - appraised value of $ -. We contested the value but determined the hoops to jump not to be worth the work and cost. We left the matter be as Option -, automatic termination upon 78 % LTV based upon " the original value of the property '' was imminent. Suntrust now refuses to remove PMI


78 % of the original value of the property, based solely on the initial amortization schedule for your loan and irrespective of the outstanding balance of your loan on that date '' - We are current with our payments and have never been late or delinquent. Further Original Value is defined in the Disclosure as " If the loan is a refinance loan, 'original value ' means the appraisal value of the property relied upon to approve the loan ''. As per the PMI Disclosure this date is - -, -. CFPB 's assistance is required to ensure Suntrust Mortgage adheres to the terms of the PMI Disclosure they bought when they bought our loan.