Users may edit Single Premium Mortgage Insurance (SPMI) within the Closing Cost Details page.
Requirements: Users must first be granted access to this privilege by their Administrator. The privilege can be granted under “Edit Mortgage Insurance Detail”.
Presets: Users must ensure that they have set the proper loan conditions in order to access SPMI functionality.
- LTV must be above 80%
- Mortgage Insurance (MI) within the Shop for Rates page must be set to Borrower Paid MI
- Single Premium Non-Refundable or Single Premium Refundable Mortgage Insurance must be selected within the New Taxes & Insurance / HOA Calculator on the Loan Details
Once a user has met all the presets they will find their MI selection under Section B of the Closing Cost Details page. A ‘factor’ field allows the user to set a percentage rate for both Refundable and Non-Refundable SPMI. The system will properly calculate the Borrower Paid amount by multiplying the base loan amount by the rate factor and rounding to the nearest 2 decimal places. The user may choose to lock these changes once they have been set to the desired rate.
In order to change to Seller Paid or Other Paid the user must first choose the In Cash Period option within the New Taxes & Insurance / HOA Calculator
Lastly, if the user wishes to use another MI vendor they have the option to do so by entering it within the free type field. The Single Premium MI Payee/Vendor (both Refundable and Non-Refundable) drop-down list will be filtered to display only Global Contacts where Company Type is Mortgage Insurance.