Sean Sends Angry Email

I like to think of myself as a fairly calm person. It takes a lot to get me angry, yet that's where I am right now courtesy of my mortgage company. I'll get to my complaint below, but here's some mortgage information. Please feel free to skip this part. When we got our mortgage, since we did not put 20% down, we had to get private mortgage insurance (PMI). Basically, PMI protects the lender if you stop making payments on your home loan. This was extremely common at the time we got the mortgage and may still be today if you don't have a specific amount as a down payment. Anyway, once the loan-to-value (LTV) ratio gets to 80% (or 78%), the PMI goes away.

On to my angry e-mail!

Dear Mortgage Company,

I am writing today to share my displeasure and frustration with your company. We have had a mortgage through you since January 2010 and refinanced in 2012. As part of the mortgage, we've had to pay PMI each month. Earlier this year, I requested an appraisal and learned that the loan to value ratio was around 71%, meaning that I've probably paid PMI unnecessarily for at least 1-2 years. While PMI is now removed from the monthly payment, I feel like we should either receive a refund for the extra PMI payments or a credit towards the principle mortgage balance. After numerous conversations with you about this starting in mid-August, I finally learned today that there will be no refund. Besides the probably year or two of PMI payments that I didn't need to pay, I had to constantly call you for updates. I was given multiple dates when the review would occur and be completed and left messages with a supervisor without ever receiving a response. Even learning that there was no refund was because I called you, not from you contacting me.

During my conversation today, I was told that you would make it up to me if I ever had a late fee or document request. This is unacceptable particularly since I've never had a late payment in the over seven years as a customer and do not need any documents.

I am currently looking at options to stop being a customer. I don't have funds available to pay off the mortgage, so I may try to refinance with another company. There was never any consideration by you to let me know that perhaps the PMI payment could be removed, yet, I've received three escrow shortage letters within the past year. It is clear to me that your company puts profits above helping its customers. Plus, I've spent countless hours trying to get an answer regarding my question over a 2-month period. You seem to have a culture of providing poor customer service as I talked with at least 5 people over this period without ever receiving a call or letter with an answer.

Based on my experience, I'm sure that this email will be discarded or ignored. If someone does happen to read this, perhaps you can help current and future customers by retuning a phone call or replying to a customer when you say that you will.

Sincerely,
Sean


I doubt that I'll get a reply.