The mortgage for my duplex (I'm an owner/occupier) was sold to Fannie Mae from Wisconsin Mortgage Company (serviced by WHEDA). I know that selling mortgages is common place so that wasn't much of a surprise to me. However, they are now telling me my PMI release amount has changed. Initially the mortgage balance had to reach 80% of the original value, but now they are saying it has to reach 70% of the original value. I have paperwork stating that the PMI release amount was $98,800 rather than the new $86,450. Their response was:
"As your loan was sold to Fannie Mae, WHEDA as the Servicer, is required to follow their rules regarding the cancellation of PMI along with the Federal PMI Cancellation Laws."
Can they do this?!?! Any insight would be helpful - who can I even reach out to to confirm this information (other than reddit). It does not seem right to me that my mortgage can be sold and components of the agreement completely changed.
Submitted February 20, 2021 at 09:18PM by tlparry7 https://ift.tt/3qFYwMB
