ComplaintsforSummit Mortgage Corporation

• Initial Complaint

  01/13/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Starting In March of 2021. I went below 80% LTV on my mortgage with Summit Mortgage. I called their customer service and asked them to remove the *** from my mortgage that is costing me $70.20 every month. Their response was that I was 80% or under and eligible but a new valuation must be ordered to verify that the property has maintained it's value. I would have to submit $150.00 to request a BPO (Broker Price opinion) or $325.00 for an appraisal.Either I choose would have to go through Summit (I could not hire my own people) and would not guarantee that the loan would qualify for *** removal.When I questioned why it was not automatic since I had payed down the below the 80%, the customer service representative said she did not know and would put in a request to ask. Since then I only get preprinted form letters that keep outlining the same thing over and over, that I qualify and I need to send in the money. When I request to speak with someone,they say they have no outgoing lines. It takes days to get a response and then the questions I ask are not answered. Like what percentage of LTV do I need to be at for this *** to automatically come off. Some customer service agents will say 78%. Some have said 75%. I now get the impression that they do not know.Customer Service only takes the requests and send those requests to the research department. The research department only responds by email and it is always the same crappy form letter and no real answer to my questions. I can never to speak with someone. The ********************* and the ************* say they have no outgoing lines,When I ask to speak with someone above them. They do not even acknowledge and send me some more of their preprinted letters and forms. I have threatened them with reporting them to the proper channels and still no response or person to call me. Just the same stupid redundant letters. I am not sure what to do anymore. I have wasted a lot of time on this. Please help!

  Business response

  02/08/2022

  We have been in touch with the customer and are in the process of resolving this issue.  We apologized to the customer for not providing the exemplary service they expected and that we try to deliver.  We have explained to the customer when their PMI would automatically terminate and the process for which an early termination is possible.  They are asking for the early termination option for which there is a valuation fee by a third party.  This fee is being waived for this customer.  The customer understands that if the required valuation is shown, ****** *** still needs to make the termination decision; but we do not anticipate this being a problem.  

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