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This can't happen as the the guidelines for a Fannie Mae backed loan still upholds the commission. Correct?
Old Republic Insurance Services is the PMI company and handling the second. 4 months ago they were willing to sign off for $5k. Now we have new buyer (our 6th with Bank of America) and they are demanding $15,000! $7500 cash and $7500 promissory note. According to BAC negotatior they don't care where the cash comes from.
I asked him why it jumped from $5k to $15k. He said Old Republic guidelines are that if seller credit score is over 584 and second loan amount is over $58k, they want $15k or they'll decline the file. They said if second loan amount goes over $70k, then they will want even more.
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