If I am trying to remove PMI from the mortgage, my mortgage comany is forcing me to use their hand picked company, is this a common practice? Wouldn't that company have bias towards the bank? Is this actionable?|||In California, they can not require you to use any particular appraiser, but you must choose one from their approved list. There are also limitations on them forcing you to use an "in house" appraiser. Generally speaking, so long as they are licensed and at or above the requisite appraisal level, and without disciplinary action against them, you should be able to use them.
Talk to your state's department of real estate about the situation. Sometimes just getting DRE turns companies that are ordinarily sharks into nice, rational, accomodating people. funny how that works.|||As to it being actionable ask your attorney. I would suggest you get your own appraisal and compare it to the lenders company appraiser if there is a substantial difference then you got a Mexican stand off between the appraisers and since all they will do is give you an opinion and opinions are like lawyers (every one has one) you better get an attorney. Of course you could wait for the appraisal by the lender's appraiser and then have the appraisal reviewed by another appraiser for their comments on the value. If the lender's appraisal allows you to refinance or remove your PMI go to McDonald's and celebrate and forget it.|||because they are trying to protect their money. yes, it is common practice. usually they will NOT accept an appraisla from anyone but their own handpicked group.|||Once you have 20% in equity in your property you can request PMI to be dropped. I do not understand your question when you say you are trying to remove PMI and your mortgage company is requiring you to use their "hand picked company".|||it is normal. true what you say about bias, but on the other hand one you pick could biased the other way. They are trying to protect their interest. If it seems too far out of line you could try another mortgage company. The company will usually provide a assessment of the appraisal and in my experience they are usually fairly accurate. Good luck, its nice to get rid of the forced insurance.|||Because if you find someone to appraise your place, you probably can name a price for appraiser to agree with. It is common, especially during housing boom, so that buyer can qualify for loans they shouldn't be given to.|||It's probably no something you can sue anyone over. Suggest you try a different mortgage company and do a refi.
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