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The Homeowners Protection Act of 1998 requires that lenders remove private mortgage insurance when a borrower reaches a 78 percent loan-to-value (LTV) ratio. For example, if the purchase price of ...
Borrower paid private mortgage insurance, or BPMI, is the most common type of PMI in today's mortgage lending marketplace. BPMI allows borrowers to obtain a mortgage without having to provide 20% down payment, by covering the lender for the added risk of a high loan-to-value (LTV) mortgage.
Title insurance policy. The title insurance documents pertain to the lender’s policy, which you’ll pay for with your closing costs but only protects the lender, not you. If you chose to ...
A closing disclosure is a legally-required, five-page statement of your final mortgage loan terms and closing costs. It contains details about your loan term, monthly payments, fees and other ...
902 - Mortgage Insurance Premium; This is the prepaid mortgage insurance premium, if needed. This is the insurance premium some lenders charge for loans with little equity. 903 - Hazard Insurance Premium; This is used to record hazard insurance premiums that must be paid at settlement in order to have immediate insurance on the property.
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
Private mortgage insurance (PMI) is an extra monthly fee that you pay on a conventional mortgage if you put less than 20 percent down. PMI must be terminated at a certain point in your loan term ...
On July 30, 2009, provisions of the Mortgage Disclosure Improvement Act of 2008 (MDIA) came into effect. [11] A specific clause of this act refers directly to APR disclosure on mortgages. It states, if the final annual percentage rate APR is off by more than 0.125% from the initial GFE disclosure, then the lender must re-disclose and wait ...