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LPMI

If I paid PMI in a single premium, which I did, shouldn't that loan still be written as Conv Insured? My loan papers say Conv. Uninsured. If this amount came out of my money that I brought to closing or it's financed in to the loan, can that loan be listed as a Lender Paid PMI? Mortgage company just told me that my PMI payments were removed from my escrow in February of this year. My loan is 6yrs old. They are also telling my this is a Lender Paid PMI policy. by breich_651_115 from Lenexa, Kansas. Jul 22nd 2012 Reply


Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,431 contributions

No, if your lender allowed your PMI insurance to cancel in February, then you loan is no longer insured. They don't do this lightly. If they cancelled it, it is because you are at the 78% Loan-to-Value point, which is a good thing. As the others have told you, you are in a good spot, enjoy it. Meanwhile, if you loan is Fannie or Freddie, and your rate is above 4.5%, you should at least consider having a Licensed Mortgage Professional review your situation and see if refinancing under HARP is a benefit to you. If your loan balance is large, it doesn't take much of an interest rate break to save a lot of money. If it turns out that it does not make sense, then at least you know. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Jul 22nd 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

You're in a good place.. enjoy it.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 22nd 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

since you have lender paid mortgage insurance, it was in your loan at the begining, now you must be below the amount needed for MiP CONGRATS, thats a good thing!!!

Jul 22nd 2012
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Charles Dailey (Charles_Dailey)
#31 ranked lender in Minnesota - 17 contributions

If your loan was an LPMI deal, then the paperwork should have read conventional insured.

Jul 22nd 2012
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Mike Purkey (mpurkey)
#44 ranked lender in Kansas - 26 contributions

As Charles pointed out, yes loan should be noted as Conv Insured. Not sure I understand the last part of your question/comment on payments being removed from your escrow in February given that you paid a single premium PMI upfront. I would be glad to discuss it further with you - give me a call at 316-259-5862 or shoot me an email at mpurkey@primeres.com.Thanks,Mike Purkey

Jul 22nd 2012
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Korwin Wall (Korwin Wall)
#2 ranked lender in Kansas - 37 contributions

Not sure what your reasoning is for asking. If it is programs you have available to refinance you would qualify for a couple conventional programs. The first would by a regular conventional program which may or may not include mortgage insurance depending on how much equity you have in your home. 80% equity you would not have MI. The other is called Harp or refi plus and in this loan you would not have MI and most of the time you get an property inspection waiver and will not need appraisal. Pricing is better on the regular conventional program.For example on a 30 yr conventional pricing on a 3.375% 30 year mortgage with us would be about 3.75% on a refi plus.If you have more questions feel free to call or email. I am in Topeka and do many loans in the kc area. 785-273-5004 or kdwall@kdwallstreet.com

Jul 23rd 2012
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