Mortgage Insurance
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Type of Mortgage Insurance
Select the type of mortgage insurance that applies to the loan. The available options depend on the type of loan
you are inputting, as explained below.
| Conventional Loans |
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Available options for Conventional Loans are:
| 0 | No MI Required |
| 1 | Fully Financed (no monthly payments) |
| 4 | ZIP Monthly Declining - No cash at close: PMI zero upfront with declining/amortizing factor(s); monthly PMI payments; can collect impounds |
| 5 | Monthly Declining - 1 mo. cash at close: PMI monthly payments with declining/amortizing factor(s); collect 1st month + impounds |
| 6 | Annual Declining: (1st year upfront) - PMI monthly payments with declining/amortizing factor(s); collect 1st year + impounds |
| 7 | Zip Monthly Constant - No cash at close: PMI zero upfront with constant/level factor(s); monthly payments; can collect impounds |
| 8 | Monthly Constant - 1 mo. cash at close: PMI monthly payments with constant/level factor(s); collect 1st month + impounds |
| 9 | Annual Constant: PMI constant/level factor(s); collect 1st year + impounds |
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| FHA Loans |
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Available options for FHA Loans are:
| 10 | Upfront Only (no monthly payments) |
| 2 | Title I Loans Only (For Title I loans only) |
| 3 | Upfront and/or Monthly (includes upfront + monthly or monthly only, includes condos and 203K) |
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Lender Paid MI
Check this box when there is no mortgage insurance required because it will be paid by the lender, not the borrower.
VA Funding Fee: Financed and Cash (VA Loans)
Input the financed and cash amounts that apply to the VA funding fee. Use these fields – instead of the mortgage insurance (MI) fields – for VA loans only.
Upfront Factor (FHA Loans)
Input the upfront factor (up to 4 decimal places) identified on the Mortgagee Letter 2008-16.
Financed
Input the portion of the mortgage insurance premium that is added to the loan amount and will be funded from the loan proceeds.
Impound
Input the number of months to impound for mortgage insurance.
1st Factor
Conventional PMI
Input the 1st factor for mortgage insurance (up to four decimal places).
FHA Loans
Input the 1st factor identified on Mortgagee Letter 2008-16.
Cash
If applicable, input the dollar amount of cash paid at closing for mortgage insurance.
Impounds Paid By
Indicate who is paying the impounds. Available selections are:
- Borrower (default)
- Broker
- Lender
- Seller
Term (1st Factor)
Type the term (in months) of the mortgage insurance based on the first factor. The system will adjust this number after it is input to account for months of impounds and/or cash paid upfront.
Cash Paid By
Indicate who will pay the cash portion of the mortgage insurance. Your options are:
- Borrower
- Broker
- Lender
- Seller
Disbursement Date
If the conventional PMI is paid annually, input the date when the second annual premium will be paid. This date will show on the Initial Escrow Account Disclosure Statement. Input the date in an MM/DD/YYYY format, or select a date using the button to the right of the field.
2nd Factor
Input the 2nd factor for mortgage insurance (up to four decimal places), even if it is the same as the 1st factor.
MIP Refund (Refinance Loans Only)
Input the dollar amount of the mortgage insurance refund, if applicable. Use this field only for refinance loans.
MI Provider
Select the mortgage insurance provider from the menu. Your options are:
- GE Mortgage Insurance Company
- Republic Mortgage Insurance Company
- United Guaranty Residential Insurance Company
- PMI Mortgage Insurance Company
- Mortgage Guaranty Insurance Corporation
- Radian Guaranty, Inc.
- Triad
- CMG Mortgage Insurance
Borrower Risk (Conventional Loans - PMI Risk Level)
Select the borrower risk from the menu. Available options may include:
- Normal Risk - MI Terminates at 78%
- Not Applicable - FHA, 2nd Homes, Non-Owner, Equity
- Conforming FNMA/FHLMC High-Risk - PMI terminates at Midpoint
- Lender Defined High-Risk - PMI terminates at 77%
- Borrower Requested - PMI Terminates at 80%
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