• Report: #235696

Complaint Review: National City Mortgage

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  • Submitted: Mon, February 12, 2007
  • Updated: Sat, May 02, 2009

  • Reported By:san bernardino California
National City Mortgage
nationalcitymortgage.com Dayton, Ohio U.S.A.

National City Mortgage Company Refused to withdraw my P M I or mortgage insurance on an FHI loan Dayton Ohio

*Consumer Comment: What happened

*Consumer Suggestion: PMI removal not automatic

*Consumer Comment: each investor sets their own guideline regarding the removal of PMI

*Consumer Comment: each investor sets their own guideline regarding the removal of PMI

*Consumer Comment: each investor sets their own guideline regarding the removal of PMI

*Consumer Comment: each investor sets their own guideline regarding the removal of PMI

*Consumer Suggestion: MOST COMPANIES

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Usually, after your loan to value ratio rises, lenders take off the PMI insurance. My condo has had PMI insurance on it for 13 years. I only owe 64K on my condo, and it's worth 215K. So I wrote my lender, NCM, asking them to take off the PMI insurance. They refused. This is wrong. I will never do business with National City Mortgage Co. again. My neighbor said they refused his request as well. How many people are they ripping off?

Steve
san bernardino, California
U.S.A.

This report was posted on Ripoff Report on 02/12/2007 02:33 PM and is a permanent record located here: http://www.ripoffreport.com/r/National-City-Mortgage/Dayton-Ohio-45401-1820/National-City-Mortgage-Company-Refused-to-withdraw-my-P-M-I-or-mortgage-insurance-on-an-FH-235696. 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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REBUTTALS & REPLIES:
0Author 7Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

What happened

AUTHOR: Whatgoodisfreeifitdoesnothing - (U.S.A.)

Did you ever get your pmi removed?
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#2 Consumer Suggestion

PMI removal not automatic

AUTHOR: Tina - (U.S.A.)

You got your loan before the new Homeowners Protection Act of 1998 came into place.Therefore any lender can require an updated appraisal to verify your value and loan to value.
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#3 Consumer Comment

each investor sets their own guideline regarding the removal of PMI

AUTHOR: Lonestar5178 - (U.S.A.)

even though National City is the current servicer of your mortgage it does not necessarily mean that they are the owner of that note. Ususally, the policy regarding the removal of PMI is set by whichever investor owns your loan. Try contacting national city's customer service department to see if they can forward a copy of the investor that holds your note's policy for the removal of pmi. if this does not work contact the originating loan officer.
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#4 Consumer Comment

each investor sets their own guideline regarding the removal of PMI

AUTHOR: Lonestar5178 - (U.S.A.)

even though National City is the current servicer of your mortgage it does not necessarily mean that they are the owner of that note. Ususally, the policy regarding the removal of PMI is set by whichever investor owns your loan. Try contacting national city's customer service department to see if they can forward a copy of the investor that holds your note's policy for the removal of pmi. if this does not work contact the originating loan officer.
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#5 Consumer Comment

each investor sets their own guideline regarding the removal of PMI

AUTHOR: Lonestar5178 - (U.S.A.)

even though National City is the current servicer of your mortgage it does not necessarily mean that they are the owner of that note. Ususally, the policy regarding the removal of PMI is set by whichever investor owns your loan. Try contacting national city's customer service department to see if they can forward a copy of the investor that holds your note's policy for the removal of pmi. if this does not work contact the originating loan officer.
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#6 Consumer Comment

each investor sets their own guideline regarding the removal of PMI

AUTHOR: Lonestar5178 - (U.S.A.)

even though National City is the current servicer of your mortgage it does not necessarily mean that they are the owner of that note. Ususally, the policy regarding the removal of PMI is set by whichever investor owns your loan. Try contacting national city's customer service department to see if they can forward a copy of the investor that holds your note's policy for the removal of pmi. if this does not work contact the originating loan officer.
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#7 Consumer Suggestion

MOST COMPANIES

AUTHOR: Lee - (U.S.A.)

I also had that happen to me.

Washington Mutual did the same thing. I had to pay for an appraisal to be done and send it certified mail to them. I sent them a copy, it was signed for, they claimed they never received it and needed to receive it within 30 days of the appraisal date. I faxed to them multiple times and still they claim they never received it. Though the people I spoke with swore they would help me.

I just went ahead and refinanced. Believe me, it's not just one company. PMI is hard to begin with, especially if you don't have enough money to put down on a house not to have PMI. I sympathize with anyone in our cases but just be careful.
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