• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

urgent question

Status
Not open for further replies.

paulina

Freshman Member
Joined
Jan 22, 2007
Professional Status
Licensed Appraiser
State
Maryland
Does anyone know what a PMI appraisal is?
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
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

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
Appraisal for the removal of private mortgage insurance. Make sure the SOW states that and proceed as normal.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
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

Senior Member
Joined
Mar 10, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
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

Freshman Member
Joined
Mar 25, 2008
Professional Status
Certified Residential Appraiser
State
California
FYI - I have come across lenders that are now requiring LTV to be 78% or less for PMI removal.
 
Joined
Jun 3, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
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

Senior Member
Joined
Dec 9, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
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.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks