• Report: #1115746

Complaint Review: CitiMortgage

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  • Submitted: Wed, January 15, 2014
  • Updated: Wed, January 15, 2014

  • Reported By: PM_PA — Pennsylvania
CitiMortgage
Sioux Falls, South Dakota USA

CitiMortgage Just started PMI removal process! Sioux Falls South Dakota

*Consumer Comment: This is a federal requirement

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Hi,

It's really scary to see all of the previous comments (AKA horror stories!) regarding removal of PMI from home mortgage with Citimortgage.  Just talking with a couple of customer service rep, made me feel like I am about to be hoodwinked; so, I did what any other sane person would do: check if there is any similar occurrences.  And there are many!

I am at a point, I can start the PMI process (LTV < 80%).  So, when I asked Citi about automatic PMI removal at LTV of < 78%; the CSR says that even then an appraisal need to be done.  For what?  When I got this loan from another company, they mentioned that at below 80% LTV, PMI would be removed.  Nobody mentioned anything about an appraisal or anything.  Now, reading the comments in Ripoff report, makes me wonder, if that appraiser is going to be fair or not.  

Well, I have asked Citi to provide me with their policy regarding PMI removal.  Hopefully I will get it, and based on that I can decide what to do.  I will keep you posted.

-PN_Pa


This report was posted on Ripoff Report on 01/15/2014 12:24 PM and is a permanent record located here: http://www.ripoffreport.com/r/CitiMortgage/Sioux-Falls-South-Dakota-57177/CitiMortgage-Just-started-PMI-removal-process-Sioux-Falls-South-Dakota-1115746. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

This is a federal requirement

AUTHOR: FloridaNative - ()

For loans originated after July 29, 1999  when you have paid down your loan to 78% of the original value of the property at the time you took the loan then the removal of PMI is automatic if you are current in your payments. There are different requirements for high risk loans.  There have been new requirements put in place as of July 2013 for FHA loans that allow the mortgage insurance to remain in place. So it depends upon when you signed for your loan.

If your lender will not cooperate, send your lender a QWR (Qualified Written Request) as the lender is required by RESPA to follow the federal law on this. Google it to get the format for a QWR. The lender must respond within 20 days to your written request.

If the lender still will not cooperate, file complaints with every regulator including the CFPB (Consumer Financial Protection Bureau).

Do all of this in writing so you have a paper trail for your requests.

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