Timothy Webmoor

Review of MyLoanCare

Warning: in my experience they do not hire "indepe...

Warning: in my experience they do not hire "independent"/third-party appraisers for appraisals and BPOs. Tried to drop PMI due to local property value increases in Denver metro area and structural improvements to property totaling $22,378 (according to their own BPO). Their own BPO used local comps to adjust the "subject price" of my house to be $505-518K, well above what was needed to achieve <80% LTV and drop PMI. However, the BPO agent Mr. Dare of Home Smart Realty LLC here in South Denver arbitrarily assigned a BPO of 480k, well below the comps used and exactly 10k less than the value needed to drop PMI. I filed a complaint with the Consumer Financial Protection Bureau CFPB and LoanCare responded with a perfunctory and irrelevant letter stating that they already provided "detailed" explanations.
Very frustrating experience, and I'd recommend if applying for PMI removal to insist upon hiring an appraiser that you both agree in advance upon.