I just got off the phone with Wells Fargo to try to close my escrow account on my mortgage (prefer to just manage taxes & insurance myself).
I'm currently at an LTV of 75%, and after doing some quick research it seems like 80% is pretty much the standard for allowing removal of escrow. I was surprised when Wells Fargo told me 65% was necessary.
Even quoting their FAQ page about escrow accounts
Most of the time, escrow accounts are required if your down payment was less than 20%.
seems to imply an LTV of 80% would warrant closing an escrow account if desired.
Does this seem highly unusual, or would this be considered a fairly typical ratio?