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#1399927 - 06/04/10 07:38 PM 2 PMI Questions
taknleavofmysenses Offline
100 Club
Joined: Nov 2005
Posts: 183
USA
1. For borrower requested PMI cancellaton, can the bank charge the customer for the appraisal ordered as evidence that the value of the property has not declined?

2. If it is the bank's policy to terminate PMI at 80% LTV, should this 80% LTV date be used as the stop date in the TIL payment stream or do PMI payments always have to be included to the 78% LTV date in the payment stream?

Thank you.

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Lending Compliance
#1399932 - 06/04/10 07:45 PM Re: 2 PMI Questions taknleavofmysenses
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,832
Bloomington, IN
1. Yes.

2. The stop date in the TIL payment stream must correspond to your legal agreement.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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