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[deleted] t1_iye8hq5 wrote

Reply to comment by MarcableFluke in Lender is asking 75% LTV to remove PMI? by Oskeros

Not true, the bank will reappraise based on current market value.

Source: We removed PMI this way, it was a very simple process. The lender was Chase.

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MarcableFluke t1_iye8srs wrote

I didn't say it wasn't possible, I said it's not required by law for them to do this. If you look further on that link, that part is covered:

>Loan investors, including Fannie Mae and Freddie Mac, often create their own PMI cancellation guidelines that may include PMI cancellation provisions beyond what the HPA provides. But these guidelines cannot restrict the rights that the HPA provides to borrowers. For example, the HPA does not contain any requirements for a loan’s tenure before a borrower may request cancellation or be eligible for automatic PMI termination (known as a “seasoning” requirement).

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[deleted] t1_iye8zs0 wrote

You said it’s based on the original value, which is not true. Most banks will reappraise for a small fee. That reappraisal value is used to remove PMI.

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MarcableFluke t1_iye99n0 wrote

I said based on the original value is what is required by law. Look at the part of the OP that I originally quoted.

Based on the current value is dependent on the lender, which typically means the big loan investors requirements.

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