Joe Birrell (NY)
Member
- Joined
- Jan 16, 2002
Receive a call from property owner to remove PMI. Seems like a no-brainer. I interview owner on phone to make sure lender will accept appraisal, gets sales history, mortgage balance, etc.
Within a couple of weeks, property owner calls me and says lender (Wells Fargo) refuses to remove PMI based on the appraisal. I say, that's nonsense, property was appraised for more than they needed to remove PMI, what's the problem ? Owner says, lender told them they can only remove PMI by value increases attributed to adding improvements !
I explain that this flys in the face of the fact that the market has been appreciating. Owner says, Wells Fargo could care less, must show improvements, which in this case would have been $50,000.
At first I thought this was an isolated case caused by some idiot in the PMI department. Well' it just happened again with Indy Mac. What's up with these people ? Are you getting this same insanity ?
Within a couple of weeks, property owner calls me and says lender (Wells Fargo) refuses to remove PMI based on the appraisal. I say, that's nonsense, property was appraised for more than they needed to remove PMI, what's the problem ? Owner says, lender told them they can only remove PMI by value increases attributed to adding improvements !
I explain that this flys in the face of the fact that the market has been appreciating. Owner says, Wells Fargo could care less, must show improvements, which in this case would have been $50,000.
At first I thought this was an isolated case caused by some idiot in the PMI department. Well' it just happened again with Indy Mac. What's up with these people ? Are you getting this same insanity ?