Mortgage insurance basics
Understand mortgage insurance
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.
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What is mortgage insurance?
If you don’t have a lot of experience with mortgages or the mortgage industry, read up on how MI works.
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Ordering, activating and cancelling MI
Whether you're a mortgage industry newbie or a seasoned veteran, it's always a good idea to brush up on the basics.
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MGIC MI and FCRA
What your borrowers need to know about MGIC mortgage insurance and the Fair Credit Reporting Act (FCRA).
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Brush up on the basics
Read about ordering, activating, and cancelling mortgage insurance.
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