Piedmont Federal Savings Bank

Review: We currently have a mortgage that we first acquired in 2008. At the time of the loan, [redacted] told us that our PMI would drop once we had met 20% of the value of the home based on the appraisal. We met with [redacted] last fall and he submitted the request to have the PMI dropped and the management came back and said that they wanted us to have 22%, which would be an additional $3,000, or we could wait a few months and it would be dropped. We have now waited and the management NOW says that we must meet 20% of the original loan amount( instead of the appraisal amount) We have been lied to multiple times by this bank. They also require that we use an appraiser "specially selected" by them so that it is controlled by them. They have also instructed that we may not contact the appraiser (that we are required to pay for) or the appraisal would be invalid.Desired Settlement: We want the PMI dropped as promised.

Business

Response:

When the customer filed the complaint we were still in the information gathering phase in order to respond to the customer. The customer has been contacted and we believe the matter has been resolved to the customer's satisfaction.

Consumer

Response:

[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.]

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Regards,