I originated my Mortgage in November and it has since been purchased by Washington Mutual Bank. I was advised as early as August of that my PMI would be deleted if the LTV was less than 80% which is pretty much standard. I went ahead and took their advice and used their appraisal service called LSI who has re-appraised my home and sent the report to Washington Mutual weeks ago.
Washington Mutual NOW says I have to have an LTV ratio of 75%. My account is in good standing and this is NOT rental property BUT Washington Mutual refuses to live up to the PMI deletion and their customer service reps keep giving me a different excuse and on June 19th, one of their service reps called "Meredith" told me they had made a mistake and that the PMI would be deleted effective 6/21/06 which did not happen.
A follow up call later to another customer service rep said they had made a mistake and that it should indeed be 75%. I have good credit and this is a standard 30 year loan. I am also reporting this company to South Carolina Department of Consumer Affairs. The public should not be treated like this.
None of my friends in the Mortage or banking business have never heard any thing like this before - BUYER BEWARE - think twice before doing business with this company
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