Poor Appraisal value finding

[James Lindall]

A few weeks back I reached out to the mortgage company serving my loan to have them review my LTV ratio in an attempt to have PMI removed. Because the loan is fairly new it is still locked in for 11 years. A refi to conventional from fha was suggested. I liked this idea because it does lower the payment by removing pmi and frees up another opportunity to use fha. The process was very easy until the appraisal value came in at least IMHO about 100k less than it should. The Appraisor used comps that do not accurately value the property. The comps were actually further away than other I found. I have reached out to the mortgage company. They suggested I compile a comp list (at least 3) that backs my claim. I submitted this request with the comp list Sunday. Monday I was contacted saying the review can take up to 72hours. So I wait.

Has anyone had this happen and are there any suggestions?

Thanks