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How to Change PMI Paid to Third Party

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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?

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

First published on 8/15/11

First published on 08/15/2011

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