My mortgage is serviced by BB&T, but held by Freddie Mac (sold after closing) which is extremely common. We recently completed an addition on our house and due to the increase in value associated with this addition, we requested that BB&T cancel our private mortgage insurance (PMI). I read all of Freddie Mac's published guidelines regarding PMI cancellation and knew that we met their requirements. After paying for the appraisal, BB&T attempted to deny my request, and inform me that my only option was to pay several thousand dollars to meet the threshold that they were deeming appropriate. Believing that the bank was misinformed, I called Freddie Mac directly (as BB&T kept making reference to the 'investors' requirements). Magically 3 days later I receive a notice from BB&T saying my PMI has been cancelled as Freddie Mac agreed with my stance. There was no discussion as to their negligence in the initial wrongful denial, which I find especially interesting. I am thankful that I was confident enough to challenge what they were telling me, but I wonder how many people they have wrongfully denied cancellation of PMI insurance to. Overall, the customer service department is plenty nice, but after this experience I certainly wonder about thier knowledge of full banking regulations.
I made a huge payment against the priciniple. They require a $250 payment to apply it!! In other words, you can't reduce your mortgage payments by making additional principal payments.
You must request a new amortization scehdule, requireing sign-offs of all people on the mortgage.
Combine this with the fact that in some cases (apparently mine) it is impossible to get an online view of your mortgage account! They bought my mortgage from another bank, and tough their docs say I could ipen an onlne account to view detials of the mortgage, I can't. Eveh though their docs (i've received in mail) say I can, I can't, and their over-the phone help can't do antyhing about it.