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#1765239 - 12/07/12 06:17 PM Loan to Value and Mortgage Insurance
Patricia Offline
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Joined: Mar 2011
Posts: 327
Kansas
Is is okay to use the sales price vs the appraised value to determine whether mortgage insurance is required?

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Lending Compliance
#1765277 - 12/07/12 07:17 PM Re: Loan to Value and Mortgage Insurance Patricia
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,277
Galveston, TX
The LTV is the LTV.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1765318 - 12/07/12 08:09 PM Re: Loan to Value and Mortgage Insurance Patricia
Patricia Offline
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Joined: Mar 2011
Posts: 327
Kansas
so the definition of LTV can be sales price or appraised value or whatever we want it to be?

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#1765339 - 12/07/12 08:31 PM Re: Loan to Value and Mortgage Insurance Patricia
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,277
Galveston, TX
The denominator is always the lesser of sales price or appraised value.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1765347 - 12/07/12 08:42 PM Re: Loan to Value and Mortgage Insurance Patricia
Patricia Offline
Gold Star
Joined: Mar 2011
Posts: 327
Kansas
Okay. Thanks.

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