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Reply to "Broker’s Price Opinion (BPO) to remove PMI?"
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[quote=Anonymous]Wells Fargo has an option to order a $200 “Broker’s Price Opinion” to remove the PMI from my loan in lieu of a formal appraisal at more than twice the price. I don’t meet the 80% LTV threshold for structural improvements - all renovations have been cosmetic - so it would have to appraise at 75% LTV. There’s about a 50/50 shot it would come back at the number they require, IMO. I don’t know how involved this is compared to an actual appraisal? Any experience with a BPO, particularly through Wells Fargo, to remove PMI? They call it a pilot program, so no idea how long it’s been around. [/quote]
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