Complaint #1570218 submitted on 09/18/2015 relating to PennyMac Loan Services, LLC. Complaint relates to Mortgage FHA mortgage - Loan servicing, payments, escrow account .
Complaint was submitted via Web and sent to the company on Friday 18th September 2015.
My wife and I purchased a home in XXXX 2012 with an FHA loan through PennyMac. We have been paying PMI as required, but recently requested termination of the PMI due to significant increases in property value. The first request was denied about 8 months ago and we recently submitted a second request. I believe our loan docs state that PMI is to be carried for at least 5 years, however, everything I have seen shows if the home value does not exceed 78 % of initial loan amount then PMI is not required. I have also read that upon request of termination of PMI PennyMac could request an appraisal on our property. We would be happy to pay for an appraisal and feel our property far exceeds the loan to value ratio. Our loan amount was for {$160000.00} and similar homes in our neighborhood are selling for well over $ XXXX. Any information or effort you can make in resolving this matter would be greatly appreciated! We look forward to hearing from you!
| Company | PennyMac Loan Services, LLC |
| Complaint ID | 1570218 |
| Date Received | 09/18/2015 |
| Product | Mortgage FHA mortgage |
| Issue | Loan servicing, payments, escrow account |
| State/ZIP Code | FL 329XX |
| Consumer Consent | Consent provided |
| Company Public Response | |
| Company Response To Customer | Closed with explanation |
| Submitted | Web 09/18/2015 |
| Result | Timely Response: Yes, Consumer Disputed: No |
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