Is this reappraisal to drop PMI common across the commercial banking industry? A reappraisal would then pay for itself in just a few months.
I have also been looking to move my loan away from a megabank, and prefer a local CU. I thought that all of the CU bundled their home loans together and resold them, just like any other lender.
My CU does bundle mortgages, and we do sell them, which is why we adhere to the FNMA and FHLMC regulations regarding verifications of income, appraisals, title searches, etc. We do NOT however, give up the servicing of our loans. All of the service, after the closing, until the loan is paid off, is done by our Mortgage Servicing Dept. So you wouldn't have to call West Hell NJ, or someplace in India, to speak to someone about your loan, that is assuming you can find a human to speak to at all!
We make loans in all 50 states, and you don't have to be a member to apply for a loan, but you would have to join the Credit Union before the loan closes.