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Change Amount for PMI after Closing?

Question: 
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.
Answer: 

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.

Answer: 

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

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