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#2128244 - 04/27/17 04:49 PM Upfront Private Mortgage Insurance Refund
Reg Warrior Online
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Joined: Jan 2017
Posts: 214
Does anyone have any guidance in regards to a partial refund of upfront single premium PMI when the borrower pays off the loan early?

Thank you

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Lending Compliance
#2128248 - 04/27/17 04:57 PM Re: Upfront Private Mortgage Insurance Refund Reg Warrior
Rocky P Offline
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Joined: Jun 2003
Posts: 7,657
Florida
It should be in the contract.
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#2128262 - 04/27/17 05:38 PM Re: Upfront Private Mortgage Insurance Refund Reg Warrior
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,180
Toano, VA
Sales of insurance are regulated by the states. To get a license for its products to be sold in your state, the PMI company had to agree to make refunds in the manner prescribed by your state insurance commissioner. As Rocky advises, those standards should be spelled out somewhere in the contract documents you delivered to the borrower.
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