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#290050 - 12/16/04 07:53 PM PMI insurance in escrow analysis?
Anonymous
Unregistered

When calculating an escrow analysis, the total amount of PMI insurance paid on the loan be included in the 1/6th rate cushion?

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Lending Compliance
#290051 - 12/16/04 07:56 PM Re: PMI insurance in escrow analysis?
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
No, it would be based on the annual premium.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#290052 - 12/16/04 08:14 PM Re: PMI insurance in escrow analysis?
Anonymous
Unregistered

Do mean that it would be the amount homeowners insurance and taxes, excluding PMI in the cushion...Or is the total PMI premium is included with homeowners & taxes?

Thanks for getting back to me.

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#290053 - 12/16/04 08:59 PM Re: PMI insurance in escrow analysis?
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
We still pay PMI annually instead of monthly. We collect 1/6 for RE Taxes, Haz Ins, Flood Ins (if applicable) and PMI.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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