Our borrower-paid mortgage insurance (BPMI) monthly premium option may be appropriate for borrowers who earn $109,000 or less and who file long-form tax returns. Borrowers have the flexibility to pay their initial MI premium at closing or with their first mortgage payment. BPMI can also be canceled or removed subject to certain requirements.
Our lender-paid mortgage insurance (LPMI) monthly premium option may make sense for lenders who want to pay the monthly MI premiums and factor the cost into the interest rate that charge on borrowers’ mortgage loans. LPMI coverage cannot be canceled and remains in effect until the loan is paid off or refinanced.