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I've been paying on this house for 10 years and this mafia they call Seterus will not drop my pmi. They go by how much was owed when loan was transferred from bank of America.

Well I had been paying on house for two and a half years and had 19k paid down from origanal loan . The basdards will not count that. I didn't ask for my loan to be transferred to this shady company. If y'all remember right we were in a ressesion.

I was trying for a modification and doing every little thing that was asked of me . Half a year later I finally got it then b. of a.s transferred my loan after ruining my credit for doing exactly what they told me to do which was pay the modified payment while we are processing your modification. It was suppose to take 3months but the dump shots kept supposedly losing my paper work.

Ya right.

And I resent the person above that works at Seterus mafia for blaming everyone's problems with her company on the home owners . What an huge jerk.

Product or Service Mentioned: Seterus Loan Modification.

Reason of review: Order processing issue.

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I believe no matter what, they can legally only charge PMI for 5 years. I know mine was automatically dropped after 5 years.

Mine did get reduced when I refinanced 6 months in to my mortgage, due to the loan to appraisal ratio being not as high, i.e. it appraised for more than it did when I first bought the place. It still was dropped/ eliminated automatically 4 1/2 years after the refinancing.

I am not sure, though if this is the law, from what I am reading. This is what I did read:Canceling Mortgage Insurance on a Fannie Mae or Freddie Mac LoanMust pay MI for at least 2 years before requesting removal at 75% LTV or lowerMust pay MI for at least 5 years before requesting removal at 80% LTVException if you made home improvementsMust be borrower-initiatedMust order an appraisal or BPO to assess current valueBorrower must be current on mortgage payments


How much is your equity? This is why I ask: Once you've committed to paying PMI, you'll usually have to keep it for at least two years.

If your home has appreciated enough to give you 25% equity after two to five years, you can cancel the coverage. After five years, you just need 20% equity to ditch it.


I believe you need to get a Broker Price Opinion (BPO for short) and submit it to the company to get PMI dropped. If you can prove you have paid PMI for 5 years, it MUST be dropped I believe.


oh and with late charges most people there are happy to waive them. also when the 16th lands on a weekend or a holiday the push your grace period to the next business day so before you rant on how seterus aims to get your delinquent for the sake of a 20 $ late charge id reconsider.


the anonymous person... answered your question already..

if you modified your loan which you said you did, then the date has changed its loan to value ratio. in some cases if you owe less then 80 % of the VALUE on your home then you may be able to get it removed if you pay for an appraisal, if you do not then you need to refer to your new modified mortgage agreement. it does reference your escrow account and anything within (pmi is included in your escrow). Ive worked at seterus before I moved up to a much larger company with a much larger portfolio and pay.

seterus however is a top servicer for fannie mae. you just have to talk to them as if your not entitled which im assuming when you speak to a seterus rep you probably are. if you feel YOU DESERVE something chances are you don't. and it doesn't matter what you feel.

its based off what you agreed to do and not do. you need a more adult like perspective on how the world works. and no seterus does not get a cut off pmi if you knew how basic auditing works with any business youd know that is impossible.. pmi goes straight to qbe the insurance provider for forced placed insurance when with seterus.

seterus builds revenue off late charges and when some applied for home owners assistance they also get paid for every response package received. like 30 $ the rest of it goes back into the loan and legal requirements such as insurance taxes and so on.


Ok anonymous, you seem to know more then anyone I've ever tried to communicate with at seterus, so why do n't they stick with the origanal contract amount when deciding when to drop pmi? Does seterus get a cut of the pmi?


In order to drop your PMI, you have to pay down 20% of your Unpaid Principal Balance, the date that your PMI was automatically set to drop on a specific date based on your origination documents which you most likely didn’t read or you’d know when you were eligible.. futhermore, if you modified then that date would have changed , and a recalculation would need to be done to determine if you’re eligible.

It’s that simple. If I’m being honest, regardless of a recession, you can not hold Seterus accountable for you inability to pay your mortgage as you signed and agreed to do.

Prioritize better and plan for hardships to come because you signed your life away for years and it’s expected for some tragedy to take place... Be an adult and deal with it instead of whining on such a negative site of incompetent borrowers.

to Anonymous #1429955

Ill make sure I plan for the next ressesion, cuss I know I won't be getting bailed out like the banks were.

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