Remove Mr. Cooper Pmi: Simple Form Guide

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Removing private mortgage insurance (PMI) from a mortgage loan can be a significant cost savings for homeowners. In this article, we will explore the process of removing Mr. Cooper PMI, also known as Nationstar Mortgage PMI, and provide a simple form guide to help you through the process.

Understanding Mr. Cooper PMI

Private mortgage insurance (PMI) is a type of insurance that lenders require borrowers to purchase when they put down less than 20% of the purchase price of a home. PMI protects the lender in case the borrower defaults on the loan. Mr. Cooper, formerly known as Nationstar Mortgage, is a mortgage servicer that offers PMI as part of their mortgage products.

Why Remove PMI?

Removing PMI can save homeowners hundreds or even thousands of dollars per year. PMI premiums can range from 0.3% to 1.5% of the original loan amount annually. For example, on a $200,000 loan, the PMI premium could be $1,000 to $3,000 per year. By removing PMI, homeowners can reduce their monthly mortgage payments and allocate that money towards other expenses or savings.

Eligibility to Remove Mr. Cooper PMI

To be eligible to remove Mr. Cooper PMI, you must meet the following requirements:

• Your loan must be at least two years old.
• You must have made all mortgage payments on time for the past two years.
• Your loan balance must be 80% or less of the original purchase price of the home.
• You must have a good credit history.
• Your home must have appreciated in value, or you must have made significant improvements to the property.

How to Remove Mr. Cooper PMI

To remove Mr. Cooper PMI, you will need to submit a written request to Mr. Cooper. You can do this by:

• Calling Mr. Cooper's customer service department at 888-480-2432.
• Submitting a request through their online portal.
• Mailing a written request to their address.

You will need to provide documentation to support your request, including:

• Proof of payment history.
• Proof of property value.
• Proof of creditworthiness.

Simple Form Guide to Remove Mr. Cooper PMI

To help you through the process, we have created a simple form guide that you can use as a template:

Request to Remove Private Mortgage Insurance (PMI)

Loan Information

• Loan Number: _____________________________________
• Property Address: _____________________________________

Reason for Request

• I have made all mortgage payments on time for the past two years.
• My loan balance is 80% or less of the original purchase price of the home.
• My home has appreciated in value, or I have made significant improvements to the property.

Supporting Documentation

• Proof of payment history: _____________________________________
• Proof of property value: _____________________________________
• Proof of creditworthiness: _____________________________________

Certification

• I certify that the information provided is accurate and true.
• I understand that Mr. Cooper may request additional documentation to support my request.

Signature

• _____________________________________ (Signature)
• _____________________________________ (Date)

What to Expect After Submitting Your Request

After submitting your request, Mr. Cooper will review your documentation and may request additional information to support your request. If your request is approved, Mr. Cooper will remove the PMI from your loan, and you will no longer be required to make PMI payments.

If your request is denied, Mr. Cooper will provide you with a written explanation of the reason for the denial. You can appeal the decision by providing additional documentation or seeking assistance from a housing counselor.

Conclusion

Removing Mr. Cooper PMI can be a cost-effective way to reduce your monthly mortgage payments. By following the simple form guide provided in this article, you can submit a request to Mr. Cooper and take the first step towards saving hundreds or even thousands of dollars per year.

We hope this article has provided you with the information and resources you need to remove Mr. Cooper PMI. If you have any questions or need further assistance, please don't hesitate to contact us.

Share Your Thoughts

Have you successfully removed PMI from your mortgage loan? Share your experience in the comments below!

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