Skip to content

Change Amount for PMI after Closing?

If we didn't get enough coverage for PMI, can we change that amount after closing? The amount goes up and I would assume that we will need to send a revised HUD, PMI Amortization Schedule, etc.

by Randy Carey: You need to engage your legal counsel as your total loan package needs to be reviewed to determine your legal contract with the borrower.


by Richard Insley:You could always increase the coverage if the bank absorbs 100% of the additional MI premiums. If you want the borrower to shoulder this undisclosed cost, do as Randy advises--get counsel to review your documents and follow his/her advice.

First published on 01/10/2016

Filed under: 
Filed under lending as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics