Complaint Review: US Bank
US Bank Private Mortgage Insurance Failure to Remove PMI, Unfair Appraisal, Charged Additional PMI Owensboro Kentucky
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I recently tried to remove PMI from my US bank mortgage account. I followed US bank's guidelines and got an appraisal on 12/10/16. The AMC, Red sky risk services, a subsidary of US Bankcorp nonetheless, hired a absolutely horrendous appraisal company, ATEX Appraisal to preform the appraisal.
The appraisal including misleading information, numerous errors, failed to select justified comparables, and lastly was preformed by two appraisers (the owner Ion Caza and his wife Angela). Angela is the only one who signed off on the report.
Noting all of the errors and selecting better comparables I submitted a dispute letter and a request for a reconsideration of value. The AMC, Red Sky Risk Services, responded with bogus claims that the comps I selected were inadequate for the very reasons I stated the comps selected by the appraisar were not sufficient. They also failed to respond to my other concerns and did not provide any information supporting their claims.
Next I submitted a rebuttle asking the AMC to respond to their responses. I got no response. In fact, it took the bank over 8 weeks to get back to Red Sky to hear any response. During this time they said that my PMI removal was passed the deadline for reconsideration. I got two different timeframes in two different letters and my account was not even closed since I had a payoff option of ~$10,000 until 4/10/16.
Faling to recieve a response after multiple emails, and phone calls, I decided that my only option to remove PMI was to submit the principal payoff. I did that on 4/8/2016. Received letter on 4/12/2016 stating my PMI is terminated. Then on 4/12 they also debit two PMI payments without notification for $313.50. Furthermore, they are declaring that I still owe PMI on my next loan statement.
Here is a timeline of events
12/4/2015 Appraisal Ordered
12/10/2015 Appraisal Preformed
12/14/2015 I receive Appraisal
1/8/2016 Send in Reconsideration of value
~1/22 US Bank Response (via Red Sky documentation) and Reconsideration denied
1/22-2/14 various emails and phone calls with no results/responses
3/8 letter from US Bank stating my apprisal is 90 days old, and file is closed
~3/15 send email to US bank that my account is still open to at least payoff balance
4/8 payoff loan to <%80 LTV
4/12 get debited two PMI payments from my escrow
4/12 letter from US Bank stating my PMI has been removed
4/19 phone call to US Bank and they are now crediting my escrow
I have a problem with the original appraisal
I have a problem with the Bank's process post appraisal to confirm it was a legit appraisal
I have a problem that the Bank can own an AMC that hires appraisers to determine the value of my house
I have a problem that the Bank does not know its own process to remove PMI
This report was posted on Ripoff Report on 04/19/2016 01:42 PM and is a permanent record located here: https://www.ripoffreport.com/reports/us-bank/nationwide/us-bank-private-mortgage-insurance-failure-to-remove-pmi-unfair-appraisal-charged-addi-1300631. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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