Citibank Mortgage Complaint

Citibank Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Ohio

What have a house with a loan from Citimortgage. We refinanced this loan with Citi three years ago and now have a principal balance of $130000.00. During the time of obtaining the loan, Citimortage obtained a very, very low appraisal on the house so after three years we had the house appraised recently at $180000.00. With this new appraisal we went back to Citimortage to request PMI removal. Citimortgage sent us a document stating we had to mail them back an official document and pay $300.00 for an appraisal ... nothing else. The appraisal came back recently at $170000.00 and based upon this corrected value the LTV rate is 77 %. Upon talking to Citi today, they stated they will not remove the PMI as they are going off the original appraisal value which is not correct. Most lenders recognize that there 's little point in requiring PMI after it 's clear that we as homeowners are making our mortgage payments on time and that you have enough equity in your property to cover the loan if the lender has to foreclose ... which of course we do. At this point Citimortage is holding up the process on purpose against the 1998 Protection act and laws at hand. If we do n't get resolve using the CFPB we will take Citi to court as this is nuts. Appreciate whatever help you are able to offer. Thank you, -