dirtbiker
Full time employment: Posting here.
- Joined
- Apr 11, 2019
- Messages
- 630
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.![Mad :mad: :mad:](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
![Mad :mad: :mad:](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
![Mad :mad: :mad:](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
After Googling this, it appears that is how the law is written.![Facepalm :facepalm: :facepalm:](https://www.early-retirement.org/forums/images/smilies/facepalm.gif)
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.
![Facepalm :facepalm: :facepalm:](https://www.early-retirement.org/forums/images/smilies/facepalm.gif)
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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