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Which Form For Pmi Removal?

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David by H H lingo I’m referring to Mr. Henry S. Harrison and his latest best seller. SOW is an acronym for scope of work, the first time I noticed SOW was when Otis kept posting it, SOW seems to arouse him for some reason. :o

I still think of SOW as what you barbecue while swilling ale. :)

psssst, buy gold, buy gold, buy gold, buy gold, buy gold, buy gold.
 
Originally posted by Bobby Bucks@Dec 11 2005, 01:27 PM
David by H H lingo I’m referring to Mr. Henry S. Harrison and his latest best seller. SOW is an acronym for scope of work, the first time I noticed SOW was when Otis kept posting it, SOW seems to arouse him for some reason. :o

I still think of SOW as what you barbecue while swilling ale. :)

psssst, buy gold, buy gold, buy gold, buy gold, buy gold, buy gold.
Click to expand...
It reminds me also of a long slow smoker session, which I did yesterday also consuming a few (numerous) bottles of adult beverages.

Back to the question, I always, always, get the lender to send an email or fax request for the assignment. That way they are shown as the client, not the HO, and they establish the format and form for the report. No outs after that.

psst, buy water rights, buy water rights, buy water rights..........opps too late. :cool: :cool:
 
Thank, Bucks.

Saw a thing on the History Channel on the history of Bar-B-Que recently; if you missed it, be looking for it. It was good. Turns out I'm more a Missouri Pig-B-Que kinda guy rather than a Texas-Cow-B-Que guy.

Is it true what I heard that the Buck's Ranch even serves up occasional Armadillo-B-Que with proprietary Beam-B-Que Sauce? :D

If you ever get over this way, drop in for some (sorta) fresh Possum-B-Que -- particularly right after the road traffic's been heavy the day before. Bad news? It's really not all that good. Good news? There's plenty of it. :)

dcj
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BTW, generally who's the client, the homeowner or the lender? Who writes the check?
 
David I believe Possum is also called Armadillo on the half shell. :)


Back to the PMI subject, I do about one a month for lenders whose lists I happen to be on.

Otis do you actually market directly to homeowners for requests? The PMI subject has always been somewhat of a mystery to me regarding the ordering process when a homeowner makes a request to the lender. I did a little experiment about 5 years ago. Some guy had been advertising a software program he developed which would use any appraisal software and extract the data and print out a mailer to all homebuyers over 2 years from purchase date. It was a postcard type
mailer telling them it might be advisable to request PMI be removed from their loan. From what I recall, it didn’t sell as good as it would have because many or most lenders made a change behind the curtain on the ordering process. Anyway, I did my own manual version of mailing letters. I only targeted homeowners in areas which I knew had experienced mucho appreciation.
The result was that I got quite a few curiosity calls which didn’t amount to orders because they ended up going to AMCs or whoever was on that lender’s “approved list” for the area. The only one that I actually did an escrow analysis on was a house I sold to a drinking buddy of mine. He was able to request me to perform the assignment. The order had written all over it, “APPRAISER WHO PERFORMED PURCHASE CANNOT COMPLETE THIS ORDER” ..it didn’t say squat about the buyer agent real-i-tore accepting it. :)

So, my experience with direct homeowner requests, is that you end up wasting a hell of a lot of time for an order you probably won’t even get. Whenever I get a curiosity call from a homeowner now, I call back and politely, but quickly tell them to contact their lender.
 
Bobby,

Sneaky those mortgage servicers about sabotaging appraiser-generated PMI work, but always look on the bright side: You probably ginned up a lot of work for your local competitors. :D

dcj
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BTW: Correct about the nomenclature "Armadillo on the half shell." Possum still gets a bad rap (i.e., "market resistence") even around these parts. You gotta perfume that pig anyway you can even at the finer restaurants. We've found it sells better after an extended happy hour featuring free rounds of Jim Beam, Jack Daniels and friends :rofl:
 
Question:
If the market drops like say 20%, is PMI going to be required to be restored? If not why not? You know the old saying: "What goes up must come down sooner or later.

DJC:
One is born every minute. How much did they take you for on the fool's gold racket? :rofl: Did you buy GPI (gold price insurance?) You know, kind of like PMI insurance. I bet Bush lied and caused the gold price to inflate.
 
One of the methods that I use to get the homeowner to use me for the appraisal is to just tell them who I am in terms of the whole process, a third party whom the outcome of the appraisal doesn't effect. By simply saying this when I tell them to call their lender it usually brings up the question, what if the lender wants to use their appraiser? I then tell them again that I am a third party and that the estimated market value on the appraisal doesn't mean anything to me, while an employee of the bank may be in a position where the value does mean something. I then tell them they can request using me from instead of the banks appraiser. I spend about $1000/month in postcards and newspaper adds and do on average 16 PMI type appraisals a month. This also helps to get me approved many, many lenders approved appraiser lists.


Just my .02 cents.

Thanks,
Ryan
 
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