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Old 11-26-2003, 01:51 PM
Pat Butler Pat Butler is offline
 
Join Date: Jan 2002
State: Illinois
Professional Status: Certified Residential Appraiser
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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.
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Old 11-26-2003, 04:25 PM
Richard Carlsen's Avatar
Richard Carlsen Richard Carlsen is offline
 
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Location: Tip of the Mitt: Northern Michigan
State: Michigan
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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.
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Old 11-26-2003, 08:36 PM
Mike Garrett, RAA's Avatar
Mike Garrett, RAA Mike Garrett, RAA is offline
 
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Most major lenders will not do PMI removal without a full URAR appraisal report....at least in my market.
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