Comments on: Homeowners Protection Act of 1998

By: Raymond Lippitt

Raymond Lippitt — Wed, 10 Feb 2010 22:30:18 +0000

I started a loan with Colonial Savings about 10 Months ago.
In closing I had over 20% the value of the loan, and was told at this time that I could use a PMI waver. My wife and I signed it at that time, to find out that they are including PMI insurance at the first of the year. I have called, sent registered letters, and so on. I even applied for another loan, and had the property appraised.
I have not even received a copy of this policy I am paying for.
Should I just go with another loan, and pay closing costs to find an honest lender that will not charge PMI.
I feel that they are ripping me off, and not even providing a copy of the policy I am paying for.

By: Kate

Kate — Fri, 31 Jul 2009 14:20:58 +0000

I seem to me in the same situation with regards to the “date” irrespective of my outstanding balance.

From what I have read above, the only thing we can do is wait for the date or the market to pick back up…

By: Don

Don — Mon, 02 Feb 2009 14:45:34 +0000

Just got off the phone with CW. My LTV according to their website is 79% once logged in. This loan is over 5 years old and they still insist on a official appraisal. I guess the market has really tanked. I think I am just going to file a small claims case just to get them in court for a formal response. Sick and tired of dealing with the customer reps. that have nothing but scripts they read from.

By: Don

Don — Mon, 02 Feb 2009 14:42:30 +0000

I have a investment property with a fixed 30yr loan and CW requieres Landsafe to do the appraisal. They said they will not accept it from a licensed appraisal other than Landsafe. What a scam. but then again, it is their neck they are sticking out.

By: Brainy Smurf

Brainy Smurf — Thu, 18 Sep 2008 23:08:22 +0000

Keep us posted Dustin! I’m still waiting on a response my last online inquiry… Seems I forgot that to get a response, you need to ask twice… ;0)

By: Dustin

Dustin — Wed, 17 Sep 2008 20:37:57 +0000

Called Countrywide today. They said they require the appraisal to be done through Landsafe. I’m going to try and run by one of their local offices. Might be more persuasive…

By: Cancelling PMI with Countrywide: It’s like a Broken Record… A Broken Freakin’ Record… » Pants in a Can

Fri, 12 Sep 2008 00:01:48 +0000

[...] Does Countrywide acknowledge the Homeowners Protection Act in regards to the automatic cancellation of [...]

By: Butch

Butch — Thu, 11 Sep 2008 01:49:34 +0000

Cent too!

By: Butch

Butch — Thu, 11 Sep 2008 01:48:12 +0000

Dustin. My understanding is that landsafe will not appraise your house. They will contract a local appraiser to do so. I would speculate that if you contacted Countrywide’s PMI cancellation department and told them you wanted to use your own Appraiser they would have no issue with that. (If the met the required qualifications to do so). I would personally rather pay a local appraiser 300 dollars for an appraisal than give a single solitary sent to Countrywide.

By: Dustin

Dustin — Wed, 10 Sep 2008 02:40:42 +0000

Please disregard my previous post. I came back to your site to inform you of section 2, definition 16, then reread your findings. Guess I missed the fact that you had also (already) figured out that the termination date is not affected by the current principle. I guess I’m stuck paying PMI until 9/1/2016 as I’m not willing to flush $130 to Landsafe.

Again, please forgive the ignorance in my post this morning.