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Mortgage Insurance

Mortgage insurance protects investors or lenders for losses due to mortgagor’s default on payments or death. It can either be mortgage life insurance, private mortgage insurance or mortgage title insurance depending on the insurer.

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What did the smith connally anti strike act do?

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Authorized gov't to seize and operate tie up industries and aloso mand any strike against a government operated industry a criminal offense.

Can you get an insurance license after bankruptcy?

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It depends on the bankruptcy... In NJ, if it is a personal bankruptcy & didn't involve any breach in fiduciary responsibility or money of insurers or insureds then it will not prevent one from renewing or attaining an insurance license.

How long Is the Mortgage Insurance Premium paid?

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Could be paid for full term of your entire mortgage or paid off in full.

Can an insurance company cancel coverage because of not having a land line and thus no reverse 911 coverage?

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each state would have their own reasons insurers can cancel or non renew coverage - this doesn't seem like a reasonable reason to cancel coverage

What happens with the mortgage insurance when a person dies?

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Assuming that the mortgage insurance policy was in force at the time of death, and all other conditions of coverage have been met, the insurer should pay off the balance of the mortgage; that is the purpose of insurance of that type.

Thereafter, the property will pass, free of the encumbrance, to that person who may have been named as a co-owner of the property. If the decedent is shown to have been the sole owner of the property as of the time of death, it will pass according to terms of his/her Will; if there was no Will, it will normally pass according to the laws of descent and distribution of the locality in which the decedent lived at the time of his/her death, or where the property is located.

What is the loss payee clause for PNC Bank?

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A loss payee clause is a statement. This is added onto your auto finance loan to cover interests with the bank.

What is risk layering?

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tra third partnfering to

How do you convert a conventional loan to an FHA loan?

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One cannot directly convert a loan from one type to another. Rather, one must complete a refinance (in this case, without cash out) to move from a conventional loan to an FHA loan.

What are the purposes of the pittman-Robertson and dingell-Johnson acts?

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The Federal Aid in Sport Fish Restoration Act, commonly referred to as the Dingle-Johnson Act, adopted by Congress on August 9, 1950, was modeled after the Pittman-Robertson Act, aimed at creating a similar program for the management, conservation, and restoration of fishery resources.

Funds to support the Federal Aid in Sport Fish Restoration programs are received from excise taxes on fishing equipment, fish finders, motorboat fuels, small engine fuels, and import duties. State agencies that sell fishing licenses are the only entities eligible to receive grant funds. Each state's share is based 60 percent on the number of it's licensed anglers (fishermen) and 40 percent on the size of it's land and water area.

Program funds are used by state fish and wildlife agencies for sport fish management, boating access, and aquatic education projects.

Do you have to insure your home for more than the mortgage balance?

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To the insurance company, your mortgage balance has no impact on how much insurance coverage you need for your home. Homeowners insurance is based on the replacement/reconstruction cost of your home.

What does Private Mortgage Insurance cover?

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PMI is not a product that you purchase from an insurance agent like myself. It is an insurance policy that covers the bank if your mortgage is foreclosed on. Generally PMI is required by the bank if you are financing 80% or more of the value of the home. The insurance covers the bank but you are required to pay the premiums. After your mortgage balance falls below 80% of appraised value you can and should drop the coverage. The bank will not notify you of this so you have to tell them.

Does the 3 day right of rescission rule apply to home loans in Michigan?

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The three-day right of rescission rule applies to all loans covered under the federal Truth in Lending Act. This is a federal law that applies to loans in all 50 states that fall under the guidelines set in the act. The majority of types of typical loans that homeowners take out on residential properties will be covered by the TILA, and have a three-day right or rescission, including loans in Michigan.

Does sony Mae charge pmi for the lifetime of the mortgage?

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If you mean does private mortgage insurance remain payable for the lifetime of the mortgage, no. Once you've paid in 20% you start to become entitled to release it and at 22% in, it's supposed to be automatically released. There are some possible bumps, but there's a good little summary at:

http://www.mortgagesfinancingandcredit.org/mortgages/private-mortgage-insurance/pmi-cancellation-termination1.htm

Is Lender-Paid Private Mortgage Insurance part of APR?

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Just think about it........!

If the borrower paid the MI premium, and the resulting APR increased in order to reflect the true cost of credit, then it no longer matters which party makes the payment because the premium in and of itself is the cause of the increase in APR.

Remember that the lender paid MI is an insurance policy purchased in order help the lender ensure a certain minimum recovery rate, thereby enabling the lender to loan monies at a rate of interest normally attributable to transaction with relatively less risk; therefore, the MI, irrespective of type and payment origination, is in effect no different than charging points.