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How to Change PMI Paid to Third Party

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Question: 
We have a consumer 30 year mortgage loan that was assigned to us from another financial institution that currently has PMI paid to a 3rd party. We offer our own PMI. Is it a requirement that we continue to pay the 3rd party under the original loan or can we switch to ours upon receiving the loan package?
Answer: 

You would have to read the original contract for the PMI insurance.

First published on BankersOnline.com 8/15/11

First published on 08/15/2011

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