Received HUD today, PROBLEM WITH PMI, experts help/advice needed ASAP (loan officer, credit score)
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I just received my HUD today for a closing tomorrow. There is a problem with the PMI. My LTV is 86.7, which I had discussed with loan officer as being $124 a month. The HUD now states $149. When I brought it up to loan officer, she says it was an honest mistake and can't change it, due to credit scores?
This is a refi, our credit scores are 770/780/760 and 730/715/725.
My question, is this legit, can she really not change it? Is this worth not closing?? Your expert advise is greatly appreciated all. Thanks in advance.
Last edited by TonyStarksNJ; 05-09-2013 at 05:38 PM..
BTW, the operative fico for the deal is the lower of the two middle scores = 725.
Thank you for this.
But is there any reason that this can not be revised now. The loan officer is basically telling me there is no way to change this. They have offered to cut me a check for the difference ($25) a month until the theoretical 78% LTV from the amortization schedule ($25 x 64 months = $1600) or scrap the whole deal.
I honestly don't want the money, i just want what was agreed to. Don't know what to do. Does any of this sound fishy/suspect??
I'm sure some of the Loan Officers here could comment further on the "$25 per month" difference...
Are you are comparing the final numbers with the original good faith estimate? The GFE is normally sent out before the appraisal with an estimate of the closing costs and terms of the loan. The terms are destine to change based on the value after the appraisal.
When I was a L/O had the same issues with borrowers concerning costs associated with loans. My secret was getting a copy of the HUD and forwarding to the borrower before the closing. That way we could go over everything and the closings were 15 to 20 minutes in length.
I'm sure some of the Loan Officers here could comment further on the "$25 per month" difference...
Are you are comparing the final numbers with the original good faith estimate? The GFE is normally sent out before the appraisal with an estimate of the closing costs and terms of the loan. The terms are destine to change based on the value after the appraisal.
When I was a L/O had the same issues with borrowers concerning costs associated with loans. My secret was getting a copy of the HUD and forwarding to the borrower before the closing. That way we could go over everything and the closings were 15 to 20 minutes in length.
Good Luck..
..
The PMI figure of 124 was discussed AFTER the appraisal came in. We all knew what LTV was. She claims, she used my credit score only, not my wife's, thus the error, honest mistake, and is offering me the money back as a show of good faith. Just not sure what to think.
It's a refi. You don't HAVE to close until they fix it. Seriously. Make her tell you which MI company it is. Then ask her to go with Radian. I don't work for this company, they are just cheaper and faster and can issue the policy in a day.
Interesting that they are predicting when you will hit 78%. Weird.
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