Update by user Feb 07, 2017
Their service is beyond terrible. They do not have an actual person that you can speak with that will actually help you.
They have to send requests to other departments (that they won't let you speak to) and you'll hear something in writing. Avoid them!!!!!!!!!!
Original review posted by user Feb 04, 2017
We purchased a home and closed in May 2016. Our lender had an appraisal done on 4/28/16.
Our lender was Crosscountry Mortgage Inc. We knew going in that we could only put down 10% but as soon as we sold our other home we would put down another 10% to remove PMI. We were ready to do that within 1 month of our purchase; however, Crosscountry sold our mortgage to Fannie Mae and their "guidelines" state that they "may" request another appraisal. Since we just had an appraisal we thought common sense would indicate that our original appraisal would be sufficient and that was our understanding going into the process.
Now our servicer (Crosscountry) is stating that Fannie Mae wants another appraisal and there is nothing that they can do. I call Crosscountry and they blame Fannie Mae. I call Fannie Mae and they blame it on Crosscountry. We are stuck in the middle.
Crosscountry says it's out of their hands. Fannie Mae says if anything can happen Crosscountry would have to escalate it. We are left with no one to help us. I spoke with multiple Fannie Mae reps.
On 7/11/16 I spoke to Guadalupe who said Fannie Mae doesn't have anyone that can help me in regards to mortgage questions and that everything would have to go through Crosscountry. Crosscountry says the issue is a result of Fannie Mae's policy and offers no help. I spoke to Taneel and Will with Crosscountry and both said it's Fannie Mae's policy. On 8/1/16 I spoke with Heather with Fannie Mae who expedited to "Level 2." Claudia with Fannie Mae called on 8/2/16 and kept telling me that it's policy and that I'd have to go through Crosscountry to get any action.
She said appraisals have an expiration of 90 days. We initiated this much before 90 days after the appraisal but then she just went back to it being a policy. On 8/5/16 I spoke to a supervisor (Royce) with Fannie Mae. Royce advised me that there are options but the actions must be taken by Crosscountry.
Royce said an appraisal isn't required but is 1 of many options. Royce emailed me the following: "The servicer must warrant that the current property value is at least equal to the original property value. The servicer may choose to order a BPO, a certification of value, or a new appraisal to verify the current property value, in which case it must select the broker or appraiser, order the valuation, and receive the results directly." Royce advised me that most customers want to remove PMI after years of paying - not typically a month or two. He said our situation was outside of the norm but I'd still need to escalate my call through Crosscountry.
On 8/8/16 I called Crosscountry and spoke to Crystal (who was very nice). I advised Crystal that a supervisor with Fannie Mae advised me to speak to a supervisor. I then was transferred to Tamika. Tamika was very condescending and treated me a like a child.
She spoke down to me and was doing everything she could to get me off of the phone. Tamika advised that it was how things work and there was no one I could talk to outside of the customer service department; however, my issue was being passed on to another department but I couldn't speak to them. Tamika wouldn't take the additional information I had obtained from Royce (with Fannie Mae) and just said I've noted that you want a refund for the appraisal. I mentioned that I do want a refund for the appraisal but beyond that I want the PMI removed from our mortgage because we paid $31,082.35 to complete our 20% down payment.
She kept saying the same thing over and over so I asked to speak to someone who could help me. Tamika passed me to April who reiterated that I couldn't speak to the other department and that there was nothing else she could do for me regarding the issue. She, like Tamika, was very rude and not empathetic at all. Neither of them represented what I would call customer service.
They treated me like I was ignorant. They continued to stick to a black and white answer for a situation that fell outside of the norm (according to Royce with Fannie Mae).
Product or Service Mentioned: Crosscountry Mortgage Customer Care.
Reason of review: Poor customer service.
Monetary Loss: $3000.
Preferred solution: Full refund.