Kelly,
I feel your pain regarding your LBPS PMI issue. I had an issue with one just recently. The PMI company wouldn't talk to me and it was joke having LBPS coordinate with them. Finally, I had my seller call the PMI (Republic Mort Insu Co, I think). He was able to negotiate a promisssory note down from $15K to $2500 to be paid at settlement by the new borrower. Then RMIC had to send an approval letter to our negotiator and THEN LBPS had to have their legal department approve that whole scenario. My suggestion: Have your seller talk to the MI company and make sure your seller gives them the name, #, and email of your negotiator. I'm afraid it will take awhile, LBPS was great when I submitted the file to them in May, but they have taken over servicing on SOOOO many loans!!! My hold times went from 10-15minutes to sometime an hour and a half. Good Luck. Jed Shuler
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I feel your pain regarding your LBPS PMI issue. I had an issue with one just recently. The PMI company wouldn't talk to me and it was joke having LBPS coordinate with them. Finally, I had my seller call the PMI (Republic Mort Insu Co, I think). He was able to negotiate a promisssory note down from $15K to $2500 to be paid at settlement by the new borrower. Then RMIC had to send an approval letter to our negotiator and THEN LBPS had to have their legal department approve that whole scenario. My suggestion: Have your seller talk to the MI company and make sure your seller gives them the name, #, and email of your negotiator. I'm afraid it will take awhile, LBPS was great when I submitted the file to them in May, but they have taken over servicing on SOOOO many loans!!! My hold times went from 10-15minutes to sometime an hour and a half. Good Luck. Jed Shuler