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KvCnn
Dud?


Joined: 21 May 2009
Posts: 5

PMI
PostPosted: Tue May 24, 2011 8:44 pm Reply with quoteBack to top

Anyone have any suggestions on which PMI company to use???
We have always done up to 95% financing with PMI until the market went south and the PMI companies decided they didnt want to pay us when we put in the claim.

If it matters we are a smaller community bank and the mortgages would be placed in our portfolio.

Thanks in advance!
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eximbuw
Dud?


Joined: 15 Feb 2008
Posts: 10

MI
PostPosted: Tue May 24, 2011 9:27 pm Reply with quoteBack to top

Your market will make a difference. Also see if they will uw the loans that need mortgage insurance. That should help offset the ability for them to push back claims. You give up some control on the front end but it should limit risk on the back.
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I_Like_2Mortgage
Dyn-o-mite!


Joined: 25 Feb 2009
Posts: 276
Location: Tenney, MN

Re: PMI
PostPosted: Wed May 25, 2011 1:46 pm Reply with quoteBack to top

You had an MI company deny a claim? Which MI company was that?? What were the exact circumstances???

You do realize PMI is a Company. Their initials are PMI - Private Mortgage Insurance. Website: http://www.pmi-us.com. The generic term MI is what you'll want to use when discussing your Mortgage Insurance needs. MI is it's own animal. In certain regions MI is a walk in the park vs in some regions MI companys don't want to insure because of a soft market and or declining values etc. What zip code is the loan you need insured by an MI company? FHA is a much better gig but that's a whole different story.

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My friends call me Sid. You can call me Mr. Vicious.
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PHM
Dud?


Joined: 18 Jun 2008
Posts: 21

Re: PMI
PostPosted: Thu May 26, 2011 3:13 am Reply with quoteBack to top

Best deal in the business for those with a few extra bucks that meet the guides is single premium MI. Just priced a 10% down conventional with single premium MI and it was a mere $3350 on a 268K loan. I would check RMIC for that or MGIC
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