Contact current members with a current first mortgage with your institution, whose LTV is, or will soon be, at 80%. Making these members aware of the ability to request cancellation of their PMI will lower their monthly payment at the earliest time. An added bonus is that this provides you with a cross sell opportunity! You can make them aware of new lending opportunities. These are members that have their first mortgage with you, and who have built up a good payment history on their mortgage. They now have 20% equity Vol. 28: Loan-to-Value Report PMI Cancellation 2 in their home, which they could use to their advantage. They may have other lending needs that now could be taken care of since their mortgage payment will be lowered by the monthly PMI premium.
When to Remove PMI
This document and the following volumes are intended to give a credit union a complete road map to execute a marketing campaign. This road map will take the user from the very beginning point all the way through to the end of the process and the evaluation of the campaign. This design will contain all the steps necessary to create the campaign, the steps to follow through to the end using the referenced CU*BASE options to mine the data and track the sales success.
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