Financing Insurance Requirements

Outline

1. Private
   Mortgage Insurance (PMI)
   1. How Mortgage Insurance Works
   2. PMI Premiums
   3. PMI Cancellation
2. Secondary
   Financing
   1. Combined Loan-to-Value (CLTV)
   2. Conditions
   3. Lender First and Lender Second
   4. Repayment Methods on Second Mortgages
   5. Assumption of Conventional Loans
3. Other
   Insurance Requirements
   1. Conventional – Private Mortgage
      Insurance (PMI)
   2. FHA – Upfront Mortgage Insurance
      (UFMIP)
   3. FHA – Monthly Insurance Premium
      (MIP
   4. Homeowner’s (hazard) insurance
   5. Flood insurance
   6. HO6 condominium insurance
   7. Content insurance
   8. Forced Placed insurance

Learning Objectives

1.       Understand the Lender imposed requirements for
   different types of insurance on mortgage loans:
   1.       Conventional – Private Mortgage Insurance
      (PMI)
   2.       FHA – Upfront Mortgage Insurance (UFMIP)
   3.       FHA – Monthly Insurance Premium (MIP
   4.       Homeowner’s (hazard) insurance
   5.       Flood insurance
   6.        HO6 condominium insurance
   7.       Content insurance
   8.       Force-placed insurance
2.       Understand the use of secondary financing.

Teaching Methods:  

PowerPoints, Video PowerPoint Presentation and Optional Quiz