dirtbiker
Full time employment: Posting here.
- Joined
- Apr 11, 2019
- Messages
- 656
Bank is refusing to remove PMI on 78% LTV mortgage without a home appraisal
I purchased my current house last year with about 12% down on a conventional 15 year mortgage. Obviously the bank required PMI. I have aggressively paid it down to to less than 78% loan to value (IOW, >22% equity) as of December. They told me it would automatically get removed, but after a month when it didn't happen, I called and requested it to be removed. I was told they would submit for removal and I would get a letter in the mail.
I received a letter in the mail denying the request to remove PMI due to the reason of requiring a home appraisal, at my expense, for $200. This is on a house I bought less than a year ago.
I called back to dispute this, and after a long runaround, finally spoke with a manger in their PMI department. I advised them that I was less than 78% LTV and that they had to, by law, remove PMI and refund me the previous 3 months PMI payments. I also advised them I had my previous mortgage with their bank for ten years without a single late payment, and have had perfect payment history on this mortgage as well, and requested an exception.
They replied that although my LTV was <78%, that they only base the LTV on the amortization schedule, not on the actual LTV.


After Googling this, it appears that is how the law is written.
They refused to make any consideration for my ACTUAL (not scheduled) LTV or my perfect payment history over the past decade. I MUST pay for the home appraisal and won't receive any refunds for the previous 3 months PMI, and that it will take up to 30 days until PMI is removed after all else is done. All in all, this will cost me about $1000, and all for BS.
Once my last check is cut to Huntington Bank, that'll be the last dealing I ever have with this bank.
I purchased my current house last year with about 12% down on a conventional 15 year mortgage. Obviously the bank required PMI. I have aggressively paid it down to to less than 78% loan to value (IOW, >22% equity) as of December. They told me it would automatically get removed, but after a month when it didn't happen, I called and requested it to be removed. I was told they would submit for removal and I would get a letter in the mail.
I received a letter in the mail denying the request to remove PMI due to the reason of requiring a home appraisal, at my expense, for $200. This is on a house I bought less than a year ago.
I called back to dispute this, and after a long runaround, finally spoke with a manger in their PMI department. I advised them that I was less than 78% LTV and that they had to, by law, remove PMI and refund me the previous 3 months PMI payments. I also advised them I had my previous mortgage with their bank for ten years without a single late payment, and have had perfect payment history on this mortgage as well, and requested an exception.
They replied that although my LTV was <78%, that they only base the LTV on the amortization schedule, not on the actual LTV.
After Googling this, it appears that is how the law is written.

They refused to make any consideration for my ACTUAL (not scheduled) LTV or my perfect payment history over the past decade. I MUST pay for the home appraisal and won't receive any refunds for the previous 3 months PMI, and that it will take up to 30 days until PMI is removed after all else is done. All in all, this will cost me about $1000, and all for BS.
Once my last check is cut to Huntington Bank, that'll be the last dealing I ever have with this bank.
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