FirstBank OnBoarding Manual - Flipbook - Page 71
MORTGAGE SERVICING FAQ
No.
Question / Topic
13)
PMI Cancellation Inquiries
LO PMI Removal Guide.
Refer to: FirstBank_PMIRemoval
_SMS (Powerpoint)
70
Additional Notes
• Recast may be available for
loans owned by Fannie Mae,
Freddie Mac and other select
investors.
• ARM loans may qualify if they
are (1) not currently in an
interest-only period, and (2)
not Government insured loans
such as FHA, VA, and USDA.
• Current with no outstanding
amounts due.
• No parameters for when
Recasts may be requested.
• One-time recast fee of $250.
• Allow up to 60 days to finalize
the process.
...Continued
15)
Answer
Onboarding Manual
• Contact Shellpoint Customer Care
at: 1-855-354-3471
• Borrower to submit letter:
• FirstBank C/O Shellpoint
Mortgage Servicing
PO BOX 10826
Greenville, SC 29603-0826
Requests should be submitted
through Insight’s Correspondence
Tracker.
If the Borrower requests PMI removal
within the first two years of the loan,
they would be subject to 80% LTV or
less of the original value. Based on
the Mortgage's current UPB (unpaid
principal balance) and the current
value, the LTV ratio must be:
• 75% or less if the Mortgage is
seasoned between 2 and 5 years
• 80% or less if the Mortgage is
seasoned greater than 5 years
• Note - The minimum two-year
seasoning requirement is waived
if the Servicer determines the
increased market value of the
Mortgaged Premises since
the Origination Date of the
Mortgage is due to substantial
improvements, the LTV ratio
must be 80% or less
Confidential. Property of FirstBank. Not for Distribution.
