Lender-paid mortgage insurance (LPMI) single premium options may be appropriate for lenders who want to make a one-time, upfront MI premium payment at closing. Lenders can opt to factor the cost of MI into the interest rate they charge homebuyers on their loans or they can charge an origination fee to cover the premium.
LPMI coverage cannot be canceled and remains in effect until the loan is paid off or refinanced.
Essent offers standard and portfolio LPMI programs to its lenders. Contact your Essent account manager to discuss your needs and qualifying criteria.