March 19, 2021: Retained Loans - PMI Removal and Escrow Deletion Reminders

  • If PMI removal is approved for a retained servicing loan, this does not mean the loan also qualifies for escrow removal.  These are two separate processes with two separate sets of guidelines and require two separate requests

Search “PMI Removal” and “Escrow Removal” in KnowledgeOwl for retained loans for the guidelines and procedures.

  • If a loan is approved for escrow deletion, and the property is in an area requiring flood insurance, the flood insurance will remain escrowed.  Flood insurance cannot be changed to non-escrow when the property is in a zone requiring flood insurance.

Please speak with your supervisor or manager if you have any questions.