Bank of America refuses to terminate mortgage insurance on the property, even thou the LTV is below 70 %. BofA demanded we pay {$450.00} for another appraisal to be done by XXXX XXXX XXXX XXXX. I think it is unnecessary and violates the spirit and the letter of the Federal Homeowners Protection Act of XXXX as amended in XXXX. The full appraisal of the subject property was performed on XXXX XXXX, XXXX by a fully licensed appraiser, certified to perform appraisals for FHA. The subject property was appraised at {$490000.00}. A copy of the Appraisal Report was submitted to BofA on XXXX XXXX, XXXX. The current Principal Balance on the loan is {$340000.00}. That makes LTV below 70 %! In the letter dated XXXX XXXX, XXXX received from BofA, it estimated the Property Value as of XXXX XXXX, XXXX to be {$470000.00}. The LTV ratio based on BofA 's own Property Value Estimate is below 70.00 %. Furthermore, even if you take the Purchase Price of the Property at the time of purchase in XXXX, of {$430000.00}, the current LTV is still under 80.0 %. On XXXX XXXX, XXXX we send a check for {$450.00} to cover appraisal fee for a second appraisal as Bank demanded. Bank cashed the check immediately and still has not even started process of appraisal. I called back PMI department they said they do n't see payment for appraisal being processed! I filed a complaint with CFSB on XXXX XXXX, XXXX, got a letter from XXXX XXXX, " customer advocate '' that she is going to resolve the matter by XXXX XXXX, XXXX. Nothing happened as of today. I am leaving messages to her phone number XXXX it does not even ring, goes straight to voice message ) she calls me back XXXX days letter when I am not at the phone and leave me a message. There is no way to get a hold of her. I asked for a fax or email to communicate, with no success. Nothing is being done and PMI is still charged. 
