Loan Care Mortgage Complaint

Conventional fixed mortgage Loan servicing, payments, escrow account

Loan Care Mortgage department,

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

On -/-/2017 we sent the proceeds from sale of our previous home to LoanCare, " a - company. '' Today, -/-/2017, LoanCare 's website states that our outstanding principal balance is $32000.00, down from an original loan amount of $330000.00. Obviously LoanCare received the priority mail envelope that contained a cashier 's check AND a cover letter requesting cancellation of PMI. [ Please see attachments. ] However, as of today our account information on LoanCare 's website states the next payment due is exactly the same amount as all previous payments. When I finally got through to a representative at LoanCare he said the request had not been processed but he would submit the request today 's date. He also said that the earliest we might see PMI cancellation reflected in the monthly amount due would be -/-/2017 but that it is unlikely that LoanCare will complete the process that quickly. Therefore, under the best case scenario we will have paid at least three months - possibly more - unearned PMI, which the representative said would not be refunded. 12 USC 4902 ( e ) ( 1 ) ) states that a servicer may not require further PMI payments or premiums more than 30 days after the date on which the written request was received.

Loan Care customer in New Mexico
Mar 13, 2017

* Source: CFPB Complaint Database

Loan Care response to complaint:
Closed with explanation

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