10/08/19 - PMI Deletion Process Added to KnowledgeOwl

The PMI Deletion Process has been added to KnowledgeOwl under the section
Mortgage Insurance – PMI and MIP


Click here to view this information or type “PMI Removal” in the search bar on KnowledgeOwl.


Please take time today to thoroughly review this process and ask if you have any questions.  


If you need assistance with any steps in the procedure while assisting customers, please ask.

Key Points:

  • Review the scenarios to initially determine if customer is eligible to be reviewed for PMI Deletion – Payment History and Loan to Value (LTV) ratio requirements
  • The PMI Removal Request form is now available and must be ordered and mailed to customers inquiring about PMI Removal
  • Customers must sign and return the form for next steps in the process to begin
  • By signing form, customers acknowledge they consent to ordering an Appraisal or BPO as needed and agree to the applicable cost
  • Do not open a task for PMI Removal
  • Once the signed form is received from the customer the PMI Department will open a task which will serve as confirmation the form has been received
  • Next steps will include:
    • Ordering appraisal or BPO 
    • Scheduling appointment with appraiser
    • Obtaining results of appraisal
    • Reviewing loan for final qualifications
    • Issuing approval or denial of PMI Deletion

Make sure to view the PL05 screen for letters generated to customers regarding PMI Removal.
 
Review the KnowledgeOwl process and please ask if you have any questions.