- Report: #1115746
Report - Rebuttal - Arbitrate
Complaint Review: CitiMortgage
CitiMortgageSioux 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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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.
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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