Fillable PMIWaiver PRIVATE MORTGAGE INSURANCE (PMI) WAIVER REQUEST FORM

Fill Online, Printable, Fillable, Blank PMIWaiver PRIVATE MORTGAGE INSURANCE (PMI) WAIVER REQUEST FORM Form

Use Fill to complete blank online FLAGSTAR BANK pdf forms for free. Once completed you can sign your fillable form or send for signing. All forms are printable and downloadable.

PMIWaiver PRIVATE MORTGAGE INSURANCE (PMI) WAIVER REQUEST FORM

On average this form takes 5 minutes to complete

The PMIWaiver PRIVATE MORTGAGE INSURANCE (PMI) WAIVER REQUEST FORM form is 1 page long and contains:

  • 1 signature
  • 3 check-boxes
  • 14 other fields

Country of origin: US
File type: PDF

Use our library of forms to quickly fill and sign your Flagstar Bank forms online.

BROWSE FLAGSTAR BANK FORMS

Related forms
Fill has a huge library of thousands of forms all set up to be filled in easily and signed.
Fill in your chosen form
Sign the form using our drawing tool
Send to someone else to fill in and sign.
find another form
 
PRIVATE MORTGAGE INSURANCE (PMI)
WAIVER REQUEST FORM
Rev 8/2019 • Page 1 of 2
f lagstar.com
Est. 1987 Member FDIC
Equal Housing Lender
What is this form used for?
Use this form to request the removal of Private Mortgage Insurance (PMI) from your mortgage.
• Mortgage Insurance Premiums (MIP) are part of the Federal Housing Administration (FHA) mortgage insurance program only.
These cancellation rules differ from PMI. Please call us to discuss eligibility criteria if you have an FHA-insured mortgage.
What requirements must be met for me to initiate cancellation of PMI?
• You must be current on your mortgage payments.
• You must have a good payment history. A good payment history means:
• No payments 30 days past due in the last 12 months.
• No payments 60 days past due in the last 24 months.
• Your current property value must be at least equal to its original value and the equity in the property is unencumbered by a subordinate lien.
• Your mortgage loan must meet the applicable loan to value (LTV) ratio.
Conditions supporting your request for PMI waiver:
Read all options then check the box that applies (an option must be selected before returning your waiver request).
☐ Principal balance reduction (see page 2 for description)
☐ Substantial home improvements made to the property increasing the value (see page 2 for description)
Description of improvements: _________________________________________________________________________________
_______________________________________________________________________________________________________
Date improvements were complete: ____________________________ Cost of improvements: _____________________________
☐ Appreciation of property value (see page 2 for description)
What do I need to do?
If your loan meets the requirements above, just follow the three steps below, and you’ll be on your way!
Step 1. Read this form in its entirety.
Step 2. Complete and sign below.
Step 3. Send us your form through fax, email, or mail.
First name: ________________________________________________ Last name: ________________________________________________
Loan number: _______________________________________________________________________________________________________
Property street address: _______________________________________________________________________________________________
City: ______________________________________ State: ___________________________ ZIP code: ________________________________
Daytime phone number: _______________________________________________________________________________________________
Email address: ______________________________________________________________________________________________________
Signature: __________________________________________________________________ Date: ___________________________________
Submit the fully completed and signed form to us by:
Fax: (888) 642-6050
Email: MtgInsRemovalReq@flagstar.com
When will I know if PMI was removed?
The evaluation process may take up to 30 calendar days to complete. You will be notified of our decision by mail. Please continue to make your
current mortgage payment, which includes Private Mortgage Insurance, until we notify you of our decision.
What should I do if I have any questions?
If you have any questions, please call our customer service department.
(800) 968-7700
Monday-Friday 7:30 a.m.-8 p.m. ET
Saturday 7:30 a.m.-4 p.m. ET
Mail: Flagstar Bank
PMI Department
E-136-3
5151 Corporate Drive
Troy, MI 48098-2639
click to sign
signature
click to edit
Frequently Asked Questions
FAQs can be accessed online at flagstar.com.
Rev 8/2019 • Page 2 of 2
f lagstar.com
Est. 1987 Member FDIC
Equal Housing Lender
Q: What is PMI?
A: PMI is extra insurance that lenders require borrowers to pay if the borrower puts less than 20% of the home’s value in a down
payment. This protects lenders against loss in the unlikely event that a borrower defaults on their mortgage loan.
Q: How do I know if I have PMI?
A: You can find out if you have PMI by checking your closing documents or viewing your loan online at flagstar.com/MyLoans.
Q: How do I calculate LTV?
A: To find your loan to value (LTV) ratio, divide your current principal balance by the lesser of the original appraisal amount of your
home or the purchase price. For New York properties, the current principal balance is divided by the original appraisal value;
the purchase price is not used.
Q: When will PMI be automatically terminated?
A: PMI will automatically terminate on the date that the principal balance of your loan is scheduled to reach 78% of the original value
of the property. If your loan payments are not current when your loan reaches the termination date, your PMI will automatically
terminate on the first day of the first month after the date it becomes current. A notice will be sent to the mailing address that we
have on record for you when PMI coverage is terminated, and no additional action will be required of you for termination.
Q: When can I request PMI be canceled?
A: You can request the cancellation of your PMI once the scheduled principal balance or actual principal balance of your loan
reaches 80% of the original value of the property if all the requirements are met from page 1.
Q: Can I get a new property valuation to show that I have equity in my home?
A: Yes, however, you must first submit a completed and signed PMI Waiver Request Form and receive approval from us to obtain
a property valuation. If you are eligible, we will provide instructions in writing on how to obtain a new property valuation.
Q: What happens once PMI is removed?
A: We’ll notify you in writing that PMI coverage is being removed and the effective date of the cancellation along with your new
monthly payment amount.
Q: What is considered a principal balance reduction in order to waive PMI?
A: A principal balance reduction is the application of a large sum of money toward= the principal balance of the mortgage.
Q: What is considered a substantial home improvement in order to waive PMI?
A: Improvements that increase value are typically renovations that substantially improve marketability and extend the useful life of
the property (e.g. kitchen and bathroom renovations and/or the addition of square footage). Repairs that are made to keep
the property maintained and fully functional are not considered improvements. The property improvements must conform to local
zoning and building codes as applicable.
Q: What is considered appreciation of property value?
A: An increase in property value as a result of the local real estate market and any non-substantial improvements to the home.
Download
Save PDF to desktop
Email
Email completed PDF
Send for Signing
Email for others to sign
Print
Print document
Choose a Field
Click on a field and
select the person that should complete it
Want to add a signature?
You can add a signature field
and assign it to someone else
to sign
Choose a Field
Click on a field and
select the person that should complete it

PMIWaiver PRIVATE MORTGAGE INSURANCE (PMI) WAIVER REQUEST FORM

This document is locked as it has been sent for signing.

You have successfully completed this document.

Other parties need to complete fields in the document. You will recieve an email notification when the document has been completed by all parties.

This document has been signed by all parties.

Completed 3 July 2020

Message

View Audit Log
Print With Audit Log
Duplicate Document