Initial Residential Mortgage Loan Disclosures
by David Dickinson, BOL Guru Guru BIOS
Question: What initial disclosures (at commitment) for residential mortgage loans with borrower paid PMI are required?
Answer: There are no specific PMI disclosures required at commitment. At loan closing you must provide written notice and an amortization schedule (if the loan has a fixed rate).
And thank you to Jennifer F. for keenly pointing out that "§4905. Disclosure requirements for lender paid mortgage insurance" requires disclosures when the lender pays the PMI. We thank her for enabling the corrective entry above.
First published on BankersOnline.com 9/19/05 (updated 05-24-06)
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