The federal Homeowners Protection Act (HPA) provides rights to remove Private Mortgage Insurance (PMI) under certain circumstances. The law generally provides two ways to remove PMI from your home loan: (1) requesting PMI cancellation or (2) automatic or final PMI termination.
Cancellation letters are presented by outlining the matter that is to be revoked or withdrawn. Such a document must be very specific, yet depicting the actual reason of revocation, so that it does not create a room for misunderstanding.
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SAMPLE LETTER (DATE) (Name and address of bank official) Dear (name of official:). receive initial amortization schedules and disclosures concerning cancellation of PMI at the time of loan consummation, and additional disclosures annually. The new law requires banks to
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Sample Private Mortgage Insurance cancellation letter mortgage company address city, State zip Name: Loan #: Property Address To: Contact name I have been advised that I am no longer obligated to carry my private mortgage insurance after my loan-to-value ratio has reached a threshold of less than 80%.
Absolutely you’d want to know.. but I wouldn’t count on hearing back from Wells Fargo, I’d count on being the one to follow up, and so I think it’s pointless putting such a sentence in the letter. If the loan was sold to Fannie or Freddie, OP has to have a minimum two year seasoning to get PMI removed with an appraisal.
Otherwise, the mortgage insurance premium will stick with the loan for its full term, or at least up to 30 years. Related: Does FHA require PMI for life? Table Showing Old and "New" Cancellation Policy. The table below was issued in 2013, with the policy letter that announced the new MIP cancellation policy.
You are obtaining a mortgage loan that requires private mortgage insurance ("PMI"). pmi protects lenders and others against financial loss when borrowers default. Charges for PMI are added to your loan payments. Under certain circumstances, federal law gives you the right to cancel PMI or requires that PMI automatically terminate.
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