APPRAISERS Are Doing What the U.S. CONGRESS Could Not !

[David C. Johnson]

Joe,

Are you saying that annual letters mailed to those with mortgages existing prior to the effective date of the legislation are informed in these letters that they may already qualify for elimination?

Have you ever seen one of these letters?

Thanks.

dcj

PS. BTW, it is our observation that mortgage servicers are becoming considerably more cooperative as of the last few years since it has now become a potential Public Relations problem to be unreasonably difficult. Also BTW, Credit Unions have always been very good for their borrowers to work with. They deserve credit here. Yes, I understand they may have some competitive advantages over some lenders, however, they still deserve much credit.

 

[Joe Birrell (NY)]

David:

The letter I'm refering to was from local bank & trust (although local they are relatively large). They did a mass mailing to all PMI customers advising them that PMI might be removed if LTV has reached 80% by
virtue of market appreciation. The story I got from lender was they
were anticipating being pressured by fed regulators to do something about the PMI issue. I believe this occured last summer (can't remember exactly when it all happened) there was a lot of press on the topic at the time. I'm not sure if there was any fed intervention directly. This bank is really one of the nice guys in town (no pressure on appraisers, etc), the type we would all like to work for. It is the ONLY letter that I know of that was sent out as a mass mailing. The other letters I see (from different lenders) are only generated when mortgagor contacts bank first.