urgent question

[paulina]

Does anyone know what a PMI appraisal is?

 

[Mr Rex]

An appraisal to see if there is enough equity to remove PMI (Private Mortgage Insurance). Loans over 80%LTV require PMI in most cases.

 

[Thomas Fiehler]

Appraisal for the removal of private mortgage insurance. Make sure the SOW states that and proceed as normal.

 

[Lee Lansford]

Appraisal for the removal of private mortgage insurance. Make sure the SOW states that and proceed as normal.

And, I might add: Be certain that your SOW is in keeping with the requirements of the assignment.

I believe that you have some unanswered questions to ask your client (and, I surmise, your client needs to be in contact with whoever holds the mortgage).

 

[Anthem]

Many lenders are picky about who orders the PMI removal appraisal and who completes it, you need to make sure your client is in touch with the lender.

 

[DelMarValuations]

FYI - I have come across lenders that are now requiring LTV to be 78% or less for PMI removal.

 

[Charles Knutson]

I've found that most lenders aren't very helpful with PMI removal, since it's of no benefit to them. With declining values in many areas, it might be tough to even get them to accept the report if it's close to 80% LTV.

 

[Bearslide]

I've found that most lenders aren't very helpful with PMI removal, since it's of no benefit to them. With declining values in many areas, it might be tough to even get them to accept the report if it's close to 80% LTV.

Agreed - I am finding that in our area.