Restoration Painters

I have reviewed the response made by the business in reference to complaint ID [redacted] A resolution is still being discussed However, I will wait for the business to perform this action and, if it does, will consider this complaint resolved Regards, [redacted]

RE: Case lD #***Dear Sir or Madam:Atlantic Bay Mortgage Group, L.L.C("Atlantic Bay") is in receipt of Ms*** ***'sabove-listed complaint, dated July 5, The complaint filed by Ms***, states that shewas not informed by her loan officer, that she would be responsible for paying
for the appraisalcost of her home, during her home loan refinance processMs*** also states that her or herhusband, Mr*** ***, never received an invoice for the appraisal cost.Atlantic Bay's Regional Sales Manager contacted Ms***'s Mortgage Banker, Ms***Ms*** stated she ensured that both borrowers were made aware of the costfor the appraisal, and that they would be responsible for the costs.Ms*** submitted her application to Atlantic Bay on, April 6, 2016, at which time the reviewof the refinance paperwork beganOn April 28, 2016, the appraisal for Ms***'s propertywas ordered, and On April 29,2016, an invoice for the appraisal cost, in the amount of $565.00was created and sent to Mr***, via emailPlease see Exhibit A.Mr*** viewed the invoice for the appraisal on April 29, 2016, the day the invoice wasoriginally emailed, and again May 2, and July 9, On July 9, 2016, the appraisalinvoice was paid.The invoice states:"l understand that Atlantic Bay Mortgage is ordering anappraisal on my behalf and that I am responsible forpayment, regardless of my loan's final dispositionIunderstand if I provide a deposit for my appraisal and theloan does not close, that my deposit will be used to pay forthe appraisal, and will not be credited back to me orrefunded to me."Atlantic Bay disputes Ms***'s claims that they were unaware they would be charged for theappraisal of their home, as they were informed by their Mortgage Banker at the time ofapplication, and received the invoice for the appraisal within days of submitting theirapplicationMr*** viewed the invoice on several different occasions, prior to making thepayment days after the original invoice was sent.Please contact *** ***, VP of Legal Affairs, Regulatory Compliance and AdministrativeControl at ***, ext***, with any additional insight you would like to provide.Very truly yours,*** ** ***VP of Legal Affairs, RegulatoryCompliance and AdministrativeControl

RE: Complaint ID # [redacted]Dear Sir or Madam:Atlantic Bay Mortgage Group, L.L.C. ("Atlantic Bay") is in receipt of Mr. [redacted]above-listed complaint, dated March 2, 2016. The complaint filed by Mr. [redacted], states thathis closing contract states "If your loan amount is lesser than 80%...

of the appraisal uponconsummation of the loan then Private Mortgage Insurance ["PMI") will be removed." Mr.[redacted] states that he contacted his loan servicer, [redacted], to inquire about removing PMIfrom his loan, and was told by [redacted], that he would have to wait two years to request thatPMI be removed, or pay for a new appraisal. Mr. [redacted] states, what [redacted] advised himregarding removing the PMI from his loan, conflicts with what his closing contract states.Mr. [redacted]'s signed PMI Disclosure states, a borrower can request cancellation of PMI oneither of the following dates: "1. The date the principal balance of your loan is first scheduledto reach 80% of the original value of the property, based solely on the initial amortizationschedule for your loan and irrespective of the outstanding balance of your loan on that date.This date is January 1, 2024, or 2. The date the principal balance of your loan actually reaches80% of the original value of the property, based solely on your actual loan payments." Refer toExhibit A.Mr. [redacted]'s signed PMI Disclosure defines "original value" as "the lesser of (a) the contractsales price of the property, or (b) the appraised value of the property at the time the loan isconsummated." Refer to Exhibit A. Mr. [redacted]'s appraised value, at the time the loan wasconsummated, was $160,000, and the sales price was $129,501. The loan-to-value at the timethe loan was consummated was 95%. At this time, Mr. [redacted]'s principal balance is$122,851.66, which is 94.9% loan-to-value. This value is above the required value to removePMI from Mr. [redacted]'s loan.Additionally, Mr. [redacted]'s signed PMI Disclosure states, "PMI will be canceled on thecancelìation date only if you have satisfied all of the following conditions, or any later date thatyou have satisfied alÌ of the following conditions: (i) you submit a written request for PMIcancellation to the servicer of your loan, (ii) you have a good payment history, (iii) you arecurrent on your loan payment, and (iv) the servicer receives, if the servicer requests and atyour expense, (A) evidence satisfactory to the holder of your loan at the time of your writtencancellation request that the property's value has not declined below its original value, and (B)certification that there are no subordinate liens on the property." Refer to Exhibit A.Mr. [redacted]'s signed PMI Disclosure defines "good payment history" as, "you have not made amortgage payment that was 60 or more days past due during the 12-month period beginning24 months before, and you have not made a mortgage payment that was 30 or more days pastdue within the 12-month period preceding, the later of..." Refer to Exhibit A. As a result, inorder to establish "good payment history" [redacted] will need two years of payment history.[redacted] has stated to Mr. [redacted], if he orders a new appraisal, showing significantimprovement to the property, and the loan-to-value is at 75% or below the loan-to-currentvalue, [redacted] will remove PMI from the loan. [redacted] requires that the appraisal wouldhave to be ordered through them, at Mr. [redacted]'s expense.Please contact [redacted], VP of Legal Affairs, Regulatory Compliance and AdministrativeControl at [redacted], ext. [redacted] with any additional insight you would like to provide.Very Truly yours,[redacted]VP of Legal Affairs, RegulatoryCompliance and Administrative

I have reviewed the response made by the business in reference to complaint ID [redacted].  A resolution is still being discussed.  However, I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
[redacted]