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Still Doing Much Pmi Removal App?

Discussion in 'General Appraisal Discussion' started by Pat Butler, Nov 26, 2003.

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  1. Pat Butler

    Pat Butler Senior Member

    7
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    I realize many lenders are letting borrowers use a BPO or CMA to removal PMI, but I still get quite a bit of normal PMI removal business. I'm thinking of subscribing to another data source that includes information on the initial loan to value ratio of all of the buyers in whatever county. This would allow me to precisely target homeowners who should be near 80% LTV. Is this a dying part of our business or does it still seem viable?

    Also, is there some sort of Fannie requirement for seasoning of a loan? I know some individual lender requirements require a few years before PMI removal can take place but was wondering if that was just a lender requirement.
     
  2. Richard Carlsen

    Richard Carlsen Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Michigan
    I'm not seeing much yet. The market values have to go up before the PMI can come off and we've been fairlylevel for 12-18 months.

    I suspect next spring and summer we will start seeing some. We will probibly do some pointed advertising for this type of order then in order to generate some business.
     
  3. Mike Garrett RAA

    Mike Garrett RAA Elite Member

    13
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Most major lenders will not do PMI removal without a full URAR appraisal report....at least in my market.
     
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