Outline
- Private
Mortgage Insurance (PMI)- How Mortgage Insurance Works
- PMI Premiums
- PMI Cancellation
- Secondary
Financing- Combined Loan-to-Value (CLTV)
- Conditions
- Lender First and Lender Second
- Repayment Methods on Second Mortgages
- Assumption of Conventional Loans
- Other
Insurance Requirements- Conventional – Private Mortgage Insurance (PMI)
- FHA – Upfront Mortgage Insurance (UFMIP)
- FHA – Monthly Insurance Premium (MIP)
- Homeowner’s (hazard) insurance
- Flood insurance
- HO6 condominium insurance
- Content insurance
- Forced Placed insurance
Learning Objectives
- Understand the Lender imposed requirements for different types of insurance on mortgage loans:
- Conventional – Private Mortgage Insurance (PMI)
- FHA – Upfront Mortgage Insurance (UFMIP)
- FHA – Monthly Insurance Premium (MIP)
- Homeowner’s (hazard) insurance
- Flood insurance
- HO6 condominium insurance
- Content insurance
- Force-placed insurance
- Understand the use of secondary financing.
Teaching Methods:
PowerPoints, Video PowerPoint Presentation and Optional Quiz
Course Features
- Lectures 1
- Quizzes 1
- Duration 1 hours
- Skill level All levels
- Language English
- Students 10
- Assessments Yes