First Contact - Checking with Customer Service

At this point, I felt pretty good after doing my homework about removing PMI at 80% LTV and finding supporting documentation on the Wells Fargo Home Mortgage (WFHM) web site.  I decided to call customer service to confirm that we could remove PMI.  Remember, I like to follow the rules and confirm before doing anything.  Especially since this would be a significant amount of money, and we'd hate to just dump it into principal with no tangible benefit.

On February 7, 2012, I called WFHM Customer Service using 1-800-288-3212.  This may have changed.  The current number on their page is 1-866-234-8271 for Home Mortgage Account Management.

After navigating the phone maze, I was able to talk to a person.  I asked what the requirements were to remove PMI.  I was read a nice script with two options:

1. Make a curtailment (payment) to get principal to 78%
2. Have an appraisal done to show that new improvements have increased value so that current LTV was 75% or less.

I did not get any information about how to cancel PMI when we were at 80% LTV.  Remember, this was written on their own web page; I was just calling to get confirmation.  I guess I've learned not to trust banks.  How right I was.

I asked what the process was to get PMI removed when we reached 80% LTV as described on the WFHM website.  In theory, the customer service rep should have the same information as the web site.  However, I was told either 78% LTV or make improvements to get to 75% LTV.  This was not what I was told before signing the documents.  It also was not what I was reading on the WFHM website.

I about the 80% value in several other ways, perhaps hoping that I would spark a memory.  No luck.  I was finally told to submit a fax to the Resolutions department.  This was not what I was hoping to hear, but it sounded promising.  After all, who wouldn't want a resolution?

Summary so far (2/7/12)

1. We were told at loan origination that we could cancel PMI when we reached 80% LTV
2. We have enough money to pay our loan to 80% LTV
3. I found a statement on the Wells Fargo Home Mortgage website that stated we could request cancellation of PMI when we reached 80% LTV
4. I called a customer service rep to confirm, but was told we needed to get to either 78% LTV or 75% LTV with appraisal (???).  I was told to fax Resolutions to ask about the 80% requirement.