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Suntrust Pmi Removal

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DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
Does anyone have a contact or specific instructions from them regarding PMI removal. A friend is looking to do this but I advised to follow specific instructions, that I would also try to locate.

Thanks
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
No specific instructions.
No UAD required.
The client should be the homeowner, but the lender can hire an appraiser as a "defense" for maintaining PMI.
So being that your question was about removal,
The client and intended user is the home owner, with additional intended user of the specific lender.
SOW should follow what banks typically expect in an appraisal.
Do not use the per-printed URAR, but use the GP or AI form instead.
Sometimes attorney's hire for this also, so consider the attorney will be the client, and the users will be the bank and the owner.

.
 
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DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
Thanks, regarding appraisal.

They will contact Suntrust after appraisal is completed.

I've heard they can be difficult to deal with.:shrug:

Anyone with a contact name would be much obliged.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
I also know people that had a difficult time with that entity.

Have the appraiser cover all the bases, expect ST to also hire their own appraiser.

For best results, have HO contact cfpb, ask them for the contact at ST. Just adds more grins and seriousness to the situation. I know another homeowner that did just that, and bingo, the 16 months of delays got resolved in 3 days.

.
 
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A K

Elite Member
Joined
Jul 31, 2013
Professional Status
Certified Residential Appraiser
State
Maryland
I think @Digger88 knows people at SunTrust.
 
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TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
From my experience each lender has a specific set of instructions to follow regarding PMI removal, and the instructions can vary greatly from lender to lender. So I wouldn't do anything until you get SunTrust's required SOW. Not sure why it would not go on a 1004 mortgage lending form, as the Intended Use is involved in Mortgage Lending?
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Thanks, regarding appraisal.

They will contact Suntrust after appraisal is completed.

I've heard they can be difficult to deal with.:shrug:

Anyone with a contact name would be much obliged.
bad move to order the appraisal first. If the loan is owned by the GSE's (which is pretty likely if Suntrust is the servicer), then the servicer must order the appraisal....thus, they are unlikely to consider an appraisal obtained by the borrower.

Here is a link to the Fannie rule:
https://www.fanniemae.com/content/guide/servicing/b/8.1/04.html
 

DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
Thanks Tim,

They are trying to get out in front of potential complications regarding Suntrust. They have heard the horror stories.
Thus far the game plan looks like:
1. Calling Wintrust PMI Dept and pray all goes well.
2. Call CFPB and use a little muscle.
3. I get a direct contact from Digger 88, haven't heard back yet on that..


Thanks for all the responses!
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Thanks Tim,

They are trying to get out in front of potential complications regarding Suntrust. They have heard the horror stories.
Thus far the game plan looks like:
1. Calling Wintrust PMI Dept and pray all goes well.
2. Call CFPB and use a little muscle.
3. I get a direct contact from Digger 88, haven't heard back yet on that..


Thanks for all the responses!
There is no point in calling the CFPB beforehand, but that is certainly an option if they get stonewalled by the servicer.

Hopefully, Digger will provide you with a good contact.
 
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