How to Remove PMI When Dovenmuehle Services Your Loan

Dovenmuehle Mortgage, Inc. (DMI) is a subservicer. It services mortgages for banks, credit unions, mortgage companies and housing finance agencies. It calls its work private-label subservicing, which means it can service your loan under your lender's name. Your PMI request goes to Dovenmuehle. The rules that decide it come from federal law and from the owner of your loan, such as Fannie Mae or Freddie Mac.

Step 1: Know Why Dovenmuehle Has Your Loan

Lenders hire Dovenmuehle to service their loans. Fairway Independent Mortgage lists it among the servicers that may receive its loans, and the Colorado Housing and Finance Authority uses it as a subservicer. Dovenmuehle's site for borrowers is Your Mortgage Online, at yourmortgageonline.com, where you sign in to your account.

Step 2: Confirm You Have the Equity

Your loan-to-value ratio is your current principal balance divided by your home's value. For borrower-paid PMI on a conventional loan:

• 80% of the original value: you can ask in writing to cancel PMI.
• 78% of the original value: PMI must end automatically on the original payment schedule, as long as you are current.
• Current value: if your home has gained value, Fannie Mae and Freddie Mac loans can qualify at 75% or less between years 2 and 5, and 80% or less after year 5.

You also need to be current, with no payment 30 or more days late in the last 12 months and none 60 or more days late in the last 24 months.

Step 3: Call Dovenmuehle First

Dovenmuehle does not publish a PMI process or a review time, and its fee schedule lists no valuation fee. Call Customer Service at 1-800-669-4268 before you send anything. Ask what loan-to-value ratio your loan needs, which valuation is required, who orders it, and what it costs. Write down the answers and the name of the person you spoke with.

Step 4: Mail a Signed Letter

Send your request to Dovenmuehle's correspondence address, separately from your mortgage payment. Dovenmuehle asks for your loan number and your phone number, with area code, on every inquiry. Also include your name as it appears on the loan, the property address, and a clear request to cancel PMI. Keep a copy and note the date you sent it.

Some lenders publish their own Dovenmuehle phone line and addresses for their customers. The Colorado Housing and Finance Authority does. If your lender gave you one, use it.

The Bottom Line

Dovenmuehle services your loan for your lender. Get its requirements for your loan on the phone, mail a signed letter to the correspondence address, and don't pay for a valuation until you know which kind is required.

PMI Ninja handles Dovenmuehle requests from start to finish. We check your equity before any valuation is ordered and follow up until PMI is confirmed removed in writing.