Which Form For Pmi Removal?

[Ryan Bailey]

I'm doing a PMI removal appraisal for a client and am wondering which form I would use, the old 1004 or new 1004. PMI is lender related but not really for a loan.


Thanks,

Ryan R. Bailey
Hometown Real Estate Appraisers, Inc.
Office (480) 967-5474
Fax (480) 967-5479
ONLINE ORDERS @ www.hometownappraisers.com
EMAIL: ryan@hometownappraisers.com

 

[Richard Carlsen]

I'd check with the clients lender and see which they prefer. They may have told your client but they forgot. That would be the safest thing to do.

If and when we get the AI forms, I would lean toward using them if they really are as good as they are touted.

 

[Ryan Bailey]

They say that they don't care, but I have a feeling that someone down the line is gonig to ask for the opposite form that I use.

Thanks,

Ryan

 

[Judy Whitehead (Florida)]

We have begun to err on the side of caution and just go ahead and use the new forms. Most of the time the person ordering it doesn't even really know what you are talking about.

 

[Couch Potato]

The PMI requests I've had in the past month have all wanted the old 2055 with an interior inspection. Since it is the least trouble to complete, I would give it a try.

 

[Michael Tipton]

Whatever you do get an e-mail that you can print. Written instructions from an agent are difficult to argue with when you advise them there will be an additional fee should they require a different form.

All PMI removal requests I have done in the past have been on the 1004. Form should be identified in the order by the client.

 

[Jozsef Poor]

I was asking the same question and got the answer. PMI removal is for lending purpose, and the new form required.

 

[Mike Boyd]

If there is PMI, it is very likely an Fannie or Freddie existing loan. Removal of PMI might affect the security of that existing loan. Therefore, it is a mortgage related transaction. Use the new form unless they tell you otherwise. The more we use it, the easier it will get. You might be able to sneak in the old certification and limiting conditions pages.

 

[Bobby Bucks]

I’ve received 3 assignments since the drop dead date and all of them specifically requested the “Classic” 6/93 form to use a little H H lingo. It might behoove some in here to refrain from using the term “PMI removal”. I certainly hope it isn’t being included in SOW. I noticed it about half a dozen times in this thread and many times previously on the forum. It might be construed in the same way as a predetermined value on a sale or refinance. Is your intent to remove PMI or to provide the client with market value? I would suggest using the term Escrow Review PMI/purposes.

Maybe one of our pointy heads has better verbiage. My non-pointy head is still
rattling from last night. Mr. Beam has quite a kick sometimes.

 

[David C. Johnson]

"Mr. Beam has quite a kick sometimes. "
--BB

As does Mr. Daniels: Would you kindly (but softly) define "H H Lingo" and "SOW" -- very slowly -- to this temporarily hollowpoint G-man?

Thanks.

dcj
___________

"Escrow Review PMI/purposes" -- BTW, sounds good to me (ummm...when said quietly ).