PMI Disclosures On The Settlement Statement - David Dickinson

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PMI Disclosures On The Settlement Statement
Answer by David Dickinson, BOL Guru
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Question: Regarding premiums for private mortgage insurance, if the bank is disclosing on the Settlement Statement the monthly premium on a line between 1000-1008, must the bank also disclose the total payment on line 902 since there is nothing due at time of closing? Payment is paid monthly and there is nothing collected at closing.

Answer: The 1000 lines are used for escrowing. Line 902 is used for PMI due at closing. If you don't collect any PMI at closing, you would not need to disclose any fees on line 902.

First published on BankersOnline.com 08/18/03

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