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Started By
Message
Is NationStar lying to me about removing my PMI?
Posted on 9/30/16 at 1:07 pm
Posted on 9/30/16 at 1:07 pm
From what I understand, I can make the request to remove it once I'm at 80% LTV, which I currently am. I called them today to see about it, and they said it has to be 78%. But according from this excerpt from bankrate.com, 78% is where they are required to remove it automatically.
"How to get rid of PMI
To remove PMI, or private mortgage insurance, you must have at least 20% equity in the home. You may ask the lender to cancel PMI when you have paid down the mortgage balance to 80% of the home's original appraised value. When the balance drops to 78%, the mortgage servicer is required to eliminate PMI."
Seems like I can make the request at least right?
"How to get rid of PMI
To remove PMI, or private mortgage insurance, you must have at least 20% equity in the home. You may ask the lender to cancel PMI when you have paid down the mortgage balance to 80% of the home's original appraised value. When the balance drops to 78%, the mortgage servicer is required to eliminate PMI."
Seems like I can make the request at least right?
9
Posted on 9/30/16 at 1:12 pm to MasCervezas
You can make the request but most require an appraisal at 80% or automatic drop at 78%.
Posted on 9/30/16 at 1:14 pm to HYDRebs
according to them I had no other option but to wait until it's at 78%
Posted on 9/30/16 at 1:30 pm to MasCervezas
Dig out your original paperwork... it should be very clear.
Most banks seem to do 80% LTV based on current appraised value or 78% based on original appraised value.
Most banks seem to do 80% LTV based on current appraised value or 78% based on original appraised value.
Posted on 9/30/16 at 2:05 pm to MasCervezas
quote:
You may ask the lender to cancel PMI when you have paid down the mortgage balance to 80% of the home's original appraised value.
I never really understood this. They will tell you no anyway.. What happens if you "make a request" at 82% or 85%? What are they gonna do about it?
You have to get to 78% and it will automatically be removed. I just went through it a couple months ago.
This post was edited on 9/30/16 at 2:07 pm
Posted on 9/30/16 at 2:26 pm to MasCervezas
I've alway been under the impression that it is:
80% LTV when refinancing/applying for a new loan
OR
78% when simply requesting removal.
I'm sure each lender is a little different.
80% LTV when refinancing/applying for a new loan
OR
78% when simply requesting removal.
I'm sure each lender is a little different.
Posted on 9/30/16 at 5:58 pm to TigerDeBaiter
Why don't they just automatically do it? Have to make a request. BS
Posted on 10/2/16 at 8:51 am to MasCervezas
If you are at 80, have a good credit score, and make your payments on time (guess those two kinda go hand in hand) they'll most likely take it off with a request from you.
Posted on 10/2/16 at 12:46 pm to MasCervezas
NationStar sucks btw. Predator lending and their customer service sucks
Posted on 10/2/16 at 3:06 pm to GeauxTigers1983
Yeah mine got sold to Nationstar from bank of America. Heard nothing good about Nationstar
Posted on 10/3/16 at 9:43 am to MasCervezas
quote:
MasCervezas
quote:
Yeah mine got sold to Nationstar from bank of America. Heard nothing good about Nationstar
Same thing happened to me. Bank of America kept my loan for about 2 years then sold it to Nationstar. I freaking hate dealing with Nationstar.
Posted on 10/3/16 at 9:57 am to MasCervezas
They are not lying. I can't remeber the exact reason, but this happened to me. Maybe closing?
Posted on 10/3/16 at 9:57 am to MasCervezas
quote:
according to them I had no other option but to wait until it's at 78%
They don't have to approve it at 80%, they have the option to remove it though
Posted on 10/3/16 at 9:59 am to PhiTiger1764
quote:
What happens if you "make a request" at 82% or 85%? What are they gonna do about it?
To have a fannie mae backed loan, you must charge PMI for LTV >80%.
So when you hit 80%, the lender doesn't have to charge PMI anymore to maintain it as a federally backed loan.
Posted on 10/3/16 at 11:09 am to MasCervezas
I had Nationstar (prior to selling my home) and when I knew I had a loan/AV less than 80 percent, I called them and told them I wanted to get rid of my PMI..they sent me over a form that I had to fill out and send back to them. They ordered the appraisal from their approved appraiser and my PMI was removed. The appraisal cost $520 tho...but I got rid of the PMI so it was worth it.
Posted on 10/3/16 at 12:48 pm to Cousin
quote:
I had Nationstar (prior to selling my home) and when I knew I had a loan/AV less than 80 percent, I called them and told them I wanted to get rid of my PMI..they sent me over a form that I had to fill out and send back to them. They ordered the appraisal from their approved appraiser and my PMI was removed. The appraisal cost $520 tho...but I got rid of the PMI so it was worth it
I am going through this with wells fargo right now. But they pulled some b.s. clause and said that my loan was under years old and fanie mae backed, the LTV had to be less than 75%. I was fuming mad, but I followed all the steps and the apprisial came back 73% so f*** you wells fargo and your PMI.
Long story with my removal, but I originally closed with a smaller firm and their requirement was 80% to remove PMI, but they sold my loan to wells fargo 2 months after I closed. All of the documents said my loan was a private loan help by wells fargo loan with fell into the 80/20 rule. The first time I called they said the loan was backed by an investor who required the 75/25 rule. When I asked who the investor was, their answer was fanie mae.
It can be removed at your request as long as your house appraises above below 80%. And as someone else mentioned you have to use their appointed appraiser.
Posted on 10/3/16 at 2:04 pm to MasCervezas
Requested removal at 80%
Automatic Termination at 78%
Refer to HOPA for more info.
Automatic Termination at 78%
Refer to HOPA for more info.
Posted on 10/4/16 at 2:03 pm to Cousin
quote:
I had Nationstar (prior to selling my home) and when I knew I had a loan/AV less than 80 percent, I called them and told them I wanted to get rid of my PMI..they sent me over a form that I had to fill out and send back to them. They ordered the appraisal from their approved appraiser and my PMI was removed. The appraisal cost $520 tho...but I got rid of the PMI so it was worth it.
This is exactly what happened with me. I had a lower mortgage amount and decided to forego the appraisal and use that money toward principle reduction to get the LTV to 78%. With a higher mortgage balance, I would have gone the appraisal route.
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