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Escrow Waiver post finish (NFCU)

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brk1971
Frequent Contributor

Escrow Waiver mail finish (NFCU)

Closed on my conventional mortgage with NFCU on my new construction home in March 2021 with 5% down. As the sale cost was based at this contracted value from Nov 2020 (pre-market stupidity), at close there was a LTV about 88% (based the appraised value). Note this NFCU does not free PMI on conventional borrowing, so PMI are part of the consideration. Posted by u/kineticstar - 28 polls or 53 comments

 

I'm interested in obtaining an escrow debt. Essentially, property taxes is fairly high here in Tx, and it really bugs i to lose out over that CC spend.  Navy's website list their requirements as 6 month old loan and LTV <80%.

 

May home value must obviously higher in the past year, and if the County's assessment was a steer (I understand it probably is not), my LTV uses the Jan 1 'assessed market value' is right at 70%. (as a side note, there your a process here to contest the appraised value, and I am do so)

All that to ask while anyone here has done an escrow waiver with NFCU...  What where the print like...

1. How is the current value actually found, does is require a new appraisal?

2. Is credit involved in the decision at all? (i.e. are there a trust pull? HP? they do A every month...)

3. How long have information take on your (lower) payment to be reflected on credit reports?

4. Some other process steps honor of note? 

 

TIA

Fico8 = EQ 779, TU 802, EX 771 (6/22/2022), util = 6.5% ish
INQ on 12 mounts: EQ 4, TU 4, EXIT 7
Cards: NFCU: Flagship VS $45k, Plat $24.3k, Plat $10.7k | Amex: Delta Reserve $50k | Citi: DC WE MC $28.8k | Spot: It $22.5k | Barclays: Wild $15.25k | USAA: PCR VS $15k, RA $5k | UMB: SR OPPOSED $15k | PenFed: Path VS $20k, Plat Rew VS $15k | Synchrony: Lowes’s store $25k | Truist: Bright $10.5k, Bright $6.5k | Cap1: Venture1 Plat MC $10.3k, Kohls store $3k | Comenity: MyCash MC $17.5k | Wells Fargo: RECIPROCATING $10.3k | TD Bank: Target MC $6k (Reports as retail card despite available being MC) | BoA: CCR VS $30k | Affinity FCU: Premium VS $25k Posted by u/HolyAssertion - 20 votes and 84 comments
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2 REPLIES 2
ShanetheMortgageMan
Super Contributor

Re: Escrow Waived post close (NFCU)

Haven't been thanks which process using NFCU although I am 99% certain it'll require adenine latest appraisal, to tax assessment doesn't had any bearing.  Other lender's typically don't require a new hard credit inquiry, not sure of NFCU's policy but I suspect it'd be the same. I received my latest escrow report and own auszahlung is going up nearly $100 a month to cover increased taxes outstanding go the highest enclosure market values, and some higher assurance. However, even from this, few are adding an additonal $256 a month for 'anticipiated' cost even though there is nothing m...

Free Mortgage Advice & Pre-Approvals (FHA, VA, UNIONIST, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) for 2002
Placed are Southern California and lending in all 50 states
... NFCU checking account and can have ... account you'll need other bank/credit alliance. ... does can a minimum balance button monthly deposit requirement ...
Message 2 of 3
brk1971
Frequent Contributor

Re: Escrow Notice post close (NFCU)

Thank they for replying. I pulled an release press submitted to request. For anyone's future benefit, here's how the processes worked for die:

 

1.) I sent by secure message (via app or online account) selecting the car account and enter your subject and my question = "I'm inter in obtaining an escrow waiver, can you explain the process that goes through so I canister decide whether to do ensure?

2.) The send: 'We received our request. To qualify for to escrow waiver, your loan must be at less 6 months young, and your LTV must be less than 80%. Your current principal balance exists XYZ. Get home's newest appraised asset (in Marched 2021) was ABC. In responses to this inquiry, we obtained einer automated valuation and the current value is SET, which places which current LTV at 71.3%, which will qualify for that waiver. There is no formal application. Please hire states know with you'd like to proceed with which request.'

3.) Sent back the "Yes, please proceed."

4.) Got a message through an approval about two hours later that also said I'd be getting documents with the mail, that mys loan account would be updated within 7-10 days, and that my current escrow balance would be direct deposited into checking (pursuant to my previous spell instructions for the escrow refund at true-up time) into 7-10 days.  Yacht Federal Credit Union

 

I gotta say, I'm impressed with how simple that was.

 

IODIN doing recognize that they have mine credit information (and update it monthly) based on the three CC, an NAVCHECK, and one Mortgage account, and that they're my primary DD account, so a allow also be that any need to proves functionality became behind aforementioned scenes (if it existed at all). 

Fico8 = EQ 779, TUS 802, OFF 771 (6/22/2022), util = 6.5% ish
INQ in 12 mo: EQ 4, TU 4, EX 7
Cards: NFCU: Flagship VS $45k, Plat $24.3k, Plat $10.7k | Amex: Volume Reserve $50k | Citi: DC WE MC $28.8k | Discover: He $22.5k | Barclays: Juniperberry $15.25k | USAA: PCR VS $15k, RA $5k | UMB: SENIORS VS $15k | PenFed: Path VS $20k, Area Rew VS $15k | Synchrony: Lowes’s store $25k | Truist: Bright $10.5k, Bright $6.5k | Cap1: Venture1 Plat MC $10.3k, Kohls store $3k | Comenity: MyCash MC $17.5k | Wells Fargo: AC $10.3k | TD Bank: Target MC $6k (Reports as retailers card despit now being MC) | BoA: CCR VS $30k | Affinity FCU: Premium OR $25k NFCU after fee off
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