[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
[redacted]
November 12, 2015Revdex.com of Detroit &
Eastern Michigan[redacted], Suite
100[redacted], MI 48076Attn: [redacted]Via: US Mail/EmailSubject: Complaint ID: [redacted]
– [redacted] (Loan # [redacted])Dear Ms. [redacted] and Mr.
[redacted]Michigan Mutual, Inc.
(“MMI”) takes each every complaint very...
seriously. We pride ourselves with our
customer service and our high level of customer satisfaction; unfortunately we
were not successful in satisfying [redacted]’s request to reduce the Private Mortgage
Insurance (“PMI”) from his initial request. However, during the review of the
file it was determined that a termination of the PMI will be granted.I reached out to our Escrow Department for assistance. Per
Escrow, the standard practice for a 15 year FHA loan is that PMI becomes
premium exempt once the loan reaches their scheduled 78% LTV date. The last FHA
bill date for this loan based on automatic termination is February 2016. Since PMI
is paid in arrears, the last premium would be disbursed in March 2016. In
simple terms the PMI will automatically drop off in March of 2016.However, if for a 15 year mortgage, the loan qualifies prior
to their automatic termination date based on LTV, the borrower may send in a
written request. The borrower sent in the written request as instructed but
unfortunately, MI was not removed. The borrower qualified based on their LTV
when their unpaid principal balance reached $140,400.00. This occurred on
08/17/2015. As such, their last MI disbursement should have been the
disbursement that occurred on 09/02/2015. We have submitted a request to HUD to remove the premium
requirement and refund any premiums that we disbursed after 09/02/0215. Per
Escrow, if will take HUD about a month to update their billing records and show
the refund as available, at which time it will take another month or two to
receive the refund. The refund will be sent to our office and the funds will be
deposited to escrow and then a check will be cut and sent to the borrower with
a cover letter.Michigan Mutual apologizes
for any inconvenience this may have caused. I am working with our servicing
department to take corrective action so this doesn’t happen with future
customers.If you have any further
questions that Michigan Mutual may assist you with, please do not hesitate to
contact me.Sincerely,[redacted] L. [redacted]Compliance OfficerCc: [redacted]
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
[redacted]
November 12, 2015Revdex.com of Detroit &
Eastern Michigan[redacted], Suite
100[redacted], MI 48076Attn: [redacted]Via: US Mail/EmailSubject: Complaint ID: [redacted]
– [redacted] (Loan # [redacted])Dear Ms. [redacted] and Mr.
[redacted]Michigan Mutual, Inc.
(“MMI”) takes each every complaint very...
seriously. We pride ourselves with our
customer service and our high level of customer satisfaction; unfortunately we
were not successful in satisfying [redacted]’s request to reduce the Private Mortgage
Insurance (“PMI”) from his initial request. However, during the review of the
file it was determined that a termination of the PMI will be granted.I reached out to our Escrow Department for assistance. Per
Escrow, the standard practice for a 15 year FHA loan is that PMI becomes
premium exempt once the loan reaches their scheduled 78% LTV date. The last FHA
bill date for this loan based on automatic termination is February 2016. Since PMI
is paid in arrears, the last premium would be disbursed in March 2016. In
simple terms the PMI will automatically drop off in March of 2016.However, if for a 15 year mortgage, the loan qualifies prior
to their automatic termination date based on LTV, the borrower may send in a
written request. The borrower sent in the written request as instructed but
unfortunately, MI was not removed. The borrower qualified based on their LTV
when their unpaid principal balance reached $140,400.00. This occurred on
08/17/2015. As such, their last MI disbursement should have been the
disbursement that occurred on 09/02/2015. We have submitted a request to HUD to remove the premium
requirement and refund any premiums that we disbursed after 09/02/0215. Per
Escrow, if will take HUD about a month to update their billing records and show
the refund as available, at which time it will take another month or two to
receive the refund. The refund will be sent to our office and the funds will be
deposited to escrow and then a check will be cut and sent to the borrower with
a cover letter.Michigan Mutual apologizes
for any inconvenience this may have caused. I am working with our servicing
department to take corrective action so this doesn’t happen with future
customers.If you have any further
questions that Michigan Mutual may assist you with, please do not hesitate to
contact me.Sincerely,[redacted] L. [redacted]Compliance OfficerCc: [redacted]