Douglas Dutton sent a message to William Demchak that said:
Mr. Demchak,
PNC recently acquired my mortgage. According to PNC my loan balance is less than 7% of the purchase price and I am still paying PMI. I contacted your bank and requested that the PMI be discontinued. My loan balance is only $10K. I have spent around $75K on improvements and housing prices are booming in Texas. My home and 3.5 acres of land will appraise for well over $200K now. 3.5 acres of unimproved land in this area is worth four times the balance of my loan. Common sense will tell you my property is worth more than the balance. Unfortunately common sense is uncommon. PNC denied my request unless I spend $500 for an appraisal to prove my $250K property is worth more than $10K. I am asking that $68 a month for PMI be removed for less than 10 payments. It is not a lot of money to PNC or me but it is the principal of right and wrong. My credit is stellar, my wife and I are not rich but we make a good living and take care of our responsibilities. We have the resources to accelerate paying off this loan. It will cause minor hardship for a short time but it will be done. I hear your marketing almost daily and I know what marketing costs for a major company.
Is the good will and future business of my family and friends worth nothing to PNC?
Regards,
Douglas W. Dutton
Tyler, TX
