Hello Group-

I am gathering information on experience with servicers in relation to share best practices when Mortgaghe Insurance is involved. I am hearing some pretty intriguing things that are occuring which SHOULDNT be.... does anyone have anything to share?

i.e.

Radian requested $40,000 note and ended up killing deal.

Servicer would not share who MI company was.

 MI company stated the decision is based up to servicer.

MI companies have over 100 different types of policies to offer.

etc.....

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Comment by Maria Hass on September 5, 2012 at 11:28am

I had a short sale that was denied by Triad Guaranty because seller did a strategic default.  Is there any way, this can be reversed?

 

Comment by Jen Hill on November 3, 2011 at 2:22pm

In regards to finding out who the MI company is, try calling each of the seven major companies (Genworth, United Guaranty, Triad, Old Republic, etc.).  If nothing else, just play dumb!  If you can pinpoint who holds the MI, you can contact them directly and persist until you get someone on the line that can help.  Ask who is requesting the note.  The MI?  The investor? and more importantly WHY.  Use the sap card and throw out all of the financial distresses the seller is going through.  If someone  at the MI has the authority to request the note, they sure have the authority to pull it too. 

Comment by Lisa Nishioka on September 29, 2011 at 7:47am
I have one that the M.I. Asked for a promissory note as well. My client consulted with his attorney and from what I got from my client is that since his credit is already tainted, accept the note and when the deal closes, file bk. It's not the brightest idea but it worked.

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