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NailTrail

PMI Different than stated on closing docs

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Hello, I have a question regarding PMI. I purchased my home and put 15% down and paid all of my own closing costs giving me a LTV of 85%. In the closing documents I signed it said my PMI would be $52 per month. The first payment is due and they have listed the PMI as $73 per month. I called the bank and they said there was an error made in the closing docs and nothing can be done about it. What recourse do I have if any? Thank in advance.

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I'm not sure the exact route to take, but I think you should contact one of the agencies listed at: http://www.hud.gov/offices/hsg/sfh/res/respapmi.cfm

 

Since the PMI was listed as a lower amount in your loan documents, it would actually affect the APR in the Truth-in-Lending (TIL) document. If your APR is disclosed to you as lower than the actual APR, you might have a case against your lender. RESPA would be very interested in a lender disclosing a lower APR on the closing docs than the actual APR on the mortgage. If you want to take it one step further, contact a RESPA attorney, the people at www.NACA.net should be able to refer you to one.

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this can be fixed through there servicing department I just had one with gmac and since I did not get the hud from the closing people it was not caught but afterwards the client brought it up to me that it was higher than we said and we called the rep and he is having the service department fix it for the first payment ..

 

hope this helps ask the lo to get the rep involved.

 

cheryl

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this can be fixed through there servicing department I just had one with gmac and since I did not get the hud from the closing people it was not caught but afterwards the client brought it up to me that it was higher than we said and we called the rep and he is having the service department fix it for the first payment ..

 

hope this helps ask the lo to get the rep involved.

 

cheryl

 

Hmmm....I wonder who that could be? :angry:

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