Insurance

Insurance Tab

The Insurance tab includes a list of available insurance vendors. You can view insurance vendors by selecting the arrow next to the vendor. This action displays the various types of insurance offered. Select Edit next to the insurance type to edit the export information.

Carleton Parms Tab

The Carleton SmartCalcs software program handles the insurance calculation engine. On the Carleton Parms tab, you can view the parameters and corresponding values for all available insurance vendors.

PMI Tab

The PMI tab includes the MGIC, RMIC, United Guaranty, and Genworth vendor tabs. On these tabs, you can set the default PMI (Private Mortgage Insurance) values for each company, which default at the account level based on the PMI company selected at the product level.

Use the following information to determine the correct parameters to enter:

URL

This field cannot be modified. It indicates where users are directed when entering PMI in the Terms node under Loans in Process.

PMI Type

This field lists the specific types of premiums available. PMI can be borrower-paid or lender-paid. The options available for the PMI Type field include:

• Monthly - Monthly premiums are paid monthly and can require the first month's premium to be collected at closing.
• Level Annuals - First year and annual renewals are the same amount. The first year premium is paid in full at closing, and 1/12 of the premium is collected monthly to be remitted by the lender to the insurer.
• Standard Annual - Generally the higher first year premium is paid in full at closing, and 1/12 of the premium is collected monthly to be remitted by the lender to the insurer.
• Single - One-time single premiums provide coverage until the loan amortizes to 78% of the lesser of the appraised value or sales price.  The premium is paid at closing and is typically financed as part of the mortgage.

PMI Reserves

This field indicates the number of months that are used as reserves. This defaults to the PMI tab at the account level.

% Cancel

This field is used to calculate the PMI cancellation rate.

% Terminate

This field is used to calculate the PMI termination rate.

Cancel Method

This field determines the cancellation method for the PMI, and the selection determines the language on the PMI Notice. Available selections are:

• Amortization Schedule
• Payments

Termination Method

This field determines the termination method for the PMI, and the selection determines the language on the PMI Notice. Available selections are:

• LTV%
• Midpoint