Tips, tricks, and experiences when you have a PMI company on a transaction.
Latest Activity: Feb 23, 2017
Started by Stephanie Lim. Last reply by Donna McClelland Aug 1, 2012. 14 Replies 0 Likes
Started by Amanda Pittman. Last reply by joe beauchamp Jun 19, 2012. 1 Reply 0 Likes
I have not had any luck getting the MI companies to allow lien releases without considerable contributions. The younger the borrower the more contribution they expect.
They will take notes. zero interest - 30 years - low low payments. Payments not to begin for 6 months. If they stay current on payments then have been able to get language allowing a 50% discount for a cash payment in the future.
Best I have been able to get. Some borrowers agree to the terms and close. Others have just let it go to foreclosure since we are in a no deficiency state.
I now call the MI companies early in the transaction. Especially if it is with a BofA Equator. BofA will release the lien and allow you to close but leaves vague language regarding potential liabilitiy. When I've called the MI companies they had never heard from BofA and they expect a high cash contribution.
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