PenFed CU Reviews
Mar 14, 2017
I would go else where.

Recently, I received a letter stating that I could possibly remove PMI from my mortgage account.  I followed the instructions provided and put my intentions in writing.  I was contacted by a representative who said that she would need to run a report to make sure my property didn't lose value.  The cost of the report was $10.00.  Once I made my deposit, she ran the report.  Of the 6 "comparable" properties on the report, 5 were not comparable in size, bedrooms, or bathrooms.  My property came in well under market value effectively making me 2% off to remove PMI.  When I inquired why there weren't more comparable properties on the report, I was told that this was an online service and that was how it was.  I just appealed my taxes and did a search in my area for comparable properties with a realtor and know that the estimate PenFed did is not accurate.  My property is at least $50,000 more than the ridiculously conservative estimate they gave.  It seems like a scam for me to keep PMI.  There is no logical recourse other than to keep PMI.  I wonder if PenFed has other motivations to ensure that their customers keep PMI?  Maybe they are getting a kickback from the PMI company?

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