Greentree Servicing - PMI/payments/communication/etc. Special.
Here's a hilarious complaint from an educated, current-on-his-payments homeowner. I rarely write reviews, but this company is special.
In December, my mortgage is sold from Flagstar Bank to Greentree Servicing. Greentree would begin ownership on January 1, 2014. My worries begin after trying to navigate Greentree's joke of a mortgage servicing portal. I try to set up automatic payments online, only to be told an initial one-time payment must be made first. I try to make a one-time payment online and over the phone, only to be met with a $12 (???) convenience fee. Instead, I mail a check in mid-January for the normal payment amount that was due January 1. Keep in mind I was not even able to log into my account until January 15.
January 16, I start receiving calls about my debt being past due. My initial loan amount was ~$300k and originated in April 2012. The outstanding principal at this point is ~$120k (less than two years later). I think I have good payment history. I tell Greentree that they've just purchased my loan, and the letter you sent me states due to the transfer, all payments will be backdated to reflect payment on January 1 with no late fees assessed. I even call to confirm the amount of time I have to make the initial payment. One person tells me two months; the other tells me three months. Hmm.
Backtracking a bit. On January 6, I call to investigate getting PMI removed from my loan, since our LTV ratio is well below 80%. I'm told that a form will be mailed to me with instructions on how to proceed. I never receive the form (waited for two weeks). I tell them to mail the form again, as well as fax it. I receive the fax but to this day have not received the requested form via mail. The form simply states I have to send a written request asking for PMI to be removed. Uh, ok; not sure why you couldn't tell me this on the phone. I mail and fax this request to the escrow department, and also ask that they confirm receipt by faxing me back. No response.
I wait another week, and begin calling to find out what the *** is going on. I'm told they received two requests to have PMI removed (guess they got the fax) but now they need a written request from me authorizing Greentree to have an appraisal performed on my house at my expense. (I guess maybe they thought my house declined 50% in value in a booming city.) That's fine, I expected to have to have the appraisal done; why did no one tell me this on the phone? Why was this not stated on the form??
I oblige and mail/fax the authorization, against requesting receipt confirmation. None gotten. Two weeks later, after numerous phone calls, I receive a letter from Greentree stating my PMI removal request has been denied due to the following: "There are aging requirements for this account. This aging will be completed in April 2017." Can't for the life of me figure out where that date came from. Of course I am familiar with the Homeowners Protection Act, and "aging requirements" is not an actual thing. Maybe Greentree thinks this is an FHA loan? (It's not; it's conventional.) I call Greentree and ask what this letter means. The first three people I speak to have never heard of this denial before, and according to them there's no record of this letter ever being sent to me. One guy gave me a ridiculous explanation of "it's because you didn't put down 10%" (???). I'm furious and baffled at this point. I call back one more time and speak to an older lady. She finds the letter that was mailed to me and tells me it doesn't read April 2017, but instead reads August 2015. This date I could believe based on the initial loan amortization schedule (to reach an LTV of 78%), but who knows if they understand it.
I ask the lady to fax and mail me the denial notice with that date. She also says that the appraisal would cost $450. Another person I spoke to previously says it would cost anywhere up to $350. Hmm. I received the fax, but oh no! It has the same April 2017 date. I fax them back the same notice with an angry message telling them to explain what "aging requirements" are. No response received. I call one last time a few days later inquiring, and I'm told the appraisal is in process and someone would be reaching out to me. Hmm.
We're well into February now. A guy comes out and performs the appraisal on February 24. I call him the day after and he's already sent over the completed package to Greentree. I call Greentree today (February 28) to make sure that they received the package, and they have. I'm told the package is being reviewed. I come home from work to find a letter from Greentree stating "PMI on the above-referenced loan has been terminated and is no longer on your account". THIS LETTER IS DATED FEBRUARY 20, FOUR DAYS BEFORE THE APPRAISAL WAS DONE. I call Greentree just minutes ago and ask if they have a time machine. A lady tells me that, again, there is no record of this letter being sent to me and was probably mailed in error. BUT, my appraisal and PMI removal request is being reviewed.
I guess we'll see next month if PMI is removed or not. What a disaster of a company.