By any other name...
Mortgage insurance, MI, private MI, PMI — whatever you call it, mortgage insurance is a financial guaranty that reduces the loss to the lender or investor in the event the borrowers do not repay their mortgage.
Using mortgage insurance to reduce risk enhances the quality of the mortgage as an asset. It becomes a safer investment for lenders who keep their loans in portfolio and for investors looking for secure purchases. Even if the borrowers fail to repay, the lender/investor will not suffer a complete loss, but rather, share the loss with the mortgage insurer.
What is mortgage insurance?
If you don’t have a lot of experience with mortgages or the mortgage industry, “What is mortgage insurance?” is a big question to answer.
Ordering, activating and cancelling mortgage insurance
Whether you're a mortgage industry newbie or a seasoned veteran, it's always a good idea to brush up on the basics of ordering, activating and cancelling mortgage insurance.
MGIC MI and FCRA
What your borrowers need to know about MGIC mortgage insurance and the Fair Credit Reporting Act. (FCRA).
