okezieowen
Junior Member
What is the name of your state? Indiana
I will refer to the lending company as Lender and the lending officer as Betty.
I feel aggrieved and cheated after taking out a mortgage loan with Lender for the purchase of my first home. While I was searching for lenders to obtain a pre-approval letter, my realtor recommended Lender a good choice. She spoke quite highly of their competitive rates, their ongoing discounts and excellent customer service; I was sold. In February, I reached out to Betty -- who works at Lender -- to learn about the pre-approval letter process and the discounts they had. She told me Lender had an ongoing promotion, where the premium mortgage insurance (PMI) was waived for first-time home buyers, if they put a 5% down payment. This was the only reason I decided to discontinue shopping for lenders, as I thought no one could match that.
Fast forward to three months later, on April 26, my offer was accepted on a home and I started the mortgage application process in earnest. My offer stipulated that I was going to close on May 24. In the intervening weeks, I exchanged and signed a flurry documents with Betty including several disclosures. On each of the disclosure I signed, the breakdown of my payments indicated that I would not be paying any PMI.
On May 23, a day before my closing, I got an email from Betty saying the loan had been approved. She also revealed to me that I was not eligible for the waived PMI promotion because my visa had expired. This came as a shock to me, because in the entire time I had been corresponding with her, there was no mention of a valid visa being a requirement for the promotion. This is evidenced in the disclosures I signed which put my PMI at $0. I expressed my extreme displeasure at this turn of events and she said she was going to consult with management to get an exception. I hung onto her words, and went the following day into closing. At the closing table, she disclosed that I was going to have PMI tacked onto my monthly payments, and she brought a modified disclosure for me to sign. This took me aback. At this point, my lease in my apartment at the time was going to be up in a months, and I had to vacate it. This situation, coupled with Lender's blindsiding me put me between a rock and a hard place. My hands were tied and I went on with the sign for the mortgage.
My complaint here is Lender put PMI on the loan the day of closing and did not give you a three day right of rescission which is a lending violation. I felt pressured to close even though the conditions had changed from the disclosure to the closing and that immigration status was not a requirement prior to the day of closing. I have since gotten a valid visa (on October 1st) the PMI should no longer be required.
Is there anything I can do to get the PMI off my monthly payments?
I will refer to the lending company as Lender and the lending officer as Betty.
I feel aggrieved and cheated after taking out a mortgage loan with Lender for the purchase of my first home. While I was searching for lenders to obtain a pre-approval letter, my realtor recommended Lender a good choice. She spoke quite highly of their competitive rates, their ongoing discounts and excellent customer service; I was sold. In February, I reached out to Betty -- who works at Lender -- to learn about the pre-approval letter process and the discounts they had. She told me Lender had an ongoing promotion, where the premium mortgage insurance (PMI) was waived for first-time home buyers, if they put a 5% down payment. This was the only reason I decided to discontinue shopping for lenders, as I thought no one could match that.
Fast forward to three months later, on April 26, my offer was accepted on a home and I started the mortgage application process in earnest. My offer stipulated that I was going to close on May 24. In the intervening weeks, I exchanged and signed a flurry documents with Betty including several disclosures. On each of the disclosure I signed, the breakdown of my payments indicated that I would not be paying any PMI.
On May 23, a day before my closing, I got an email from Betty saying the loan had been approved. She also revealed to me that I was not eligible for the waived PMI promotion because my visa had expired. This came as a shock to me, because in the entire time I had been corresponding with her, there was no mention of a valid visa being a requirement for the promotion. This is evidenced in the disclosures I signed which put my PMI at $0. I expressed my extreme displeasure at this turn of events and she said she was going to consult with management to get an exception. I hung onto her words, and went the following day into closing. At the closing table, she disclosed that I was going to have PMI tacked onto my monthly payments, and she brought a modified disclosure for me to sign. This took me aback. At this point, my lease in my apartment at the time was going to be up in a months, and I had to vacate it. This situation, coupled with Lender's blindsiding me put me between a rock and a hard place. My hands were tied and I went on with the sign for the mortgage.
My complaint here is Lender put PMI on the loan the day of closing and did not give you a three day right of rescission which is a lending violation. I felt pressured to close even though the conditions had changed from the disclosure to the closing and that immigration status was not a requirement prior to the day of closing. I have since gotten a valid visa (on October 1st) the PMI should no longer be required.
Is there anything I can do to get the PMI off my monthly payments?
