How To Sell A Mortgage
How long after a mortgage co sells your loan does the original mortg co have to keep your documents on file?
I purchased my home in Dec’06 and now I want a copy of the appraisal that was done then. I asked for it upon closing in December & was told it was the property of the mortgage co, so I didn’t get it but was told the value of the appraisal was $270,000. My bank has since sold my mortgage to another bank (in Jan’07). The purpose of this is so that I can ask to have my PMI charge removed. The obvious solution to me, would be to go back to the original mortgage co & ask for a copy of the appraisal that was done in Dec’06. Thanks!!
You are entitled to a copy of your appraisal under federal law. Here is a link to a copy of that law: http://www.appraisalservices.com/download/fedreserve.pdf. Print this and send a certified letter to your lender. Give them 14 more days to get you the appraisal. If they do not, contact the division of mortgage lending in your state and consider hiring an attorney. One very large lender, one that lends nationwide, lost a class action lawsuit on this a few years ago and had to send ten-dollar checks to everyone who closed a loan with them in the previous couple years. That was millions of dollars.
But PMI cancelation is based on the original loan amount. If, after two years, you get another appraisal done, then it can be taken off under certain circumstances. For more information, visit http://www.privatemi.com or http://smartermi.com.