Mortgage insurance protects the investor or noteholder if the borrower defaults on the loan. It lowers the investor’s risk when funding a home loan. In most cases, if you pay at least 20% down on your home, you’re not required to carry mortgage insurance.

Private mortgage insurance (PMI) protects your loan’s investor (the entity that owns the loan) in case a borrower defaults. Lenders may require private mortgage insurance if your down payment is less than 20% of the loan amount.

While there are a lot on the market, insurance companies must carry at least a B+ rating from A.M. Best to provide coverage on Mr. Cooper accounts. Please contact us if you have questions about whether your preferred insurance providers qualify.

Visit www.mycoverageinfo.com/mrcooper and follow the simple instructions to upload your Declarations Page. Be sure to include your loan number and most up-to-date contact information. Feel free to contact us if you have any questions about insurance changes.

Private mortgage insurance (PMI) protects your loan’s investor (the entity that owns the loan) in case a borrower defaults. Lenders may require private mortgage insurance if your down payment is less than 20% of the loan amount.

What is an escrow account? An escrow account is where funds are held to pay property tax and insurance bills on your behalf. If your loan is escrowed, a part of your mortgage payment goes into your escrow account every month. Why did my monthly payment change?

Note: This is not related to mortgage insurance (PMI/MIP). The eligibility for removing escrow is loan-specific, and can vary by state, so the best way to determine eligibility is to contact us. However, here are some general rules that may apply: The loan cannot have had escrow fo...

Private mortgage insurance (PMI) protects your loan’s investor (the entity that owns the loan) in case a borrower defaults. Lenders may require private mortgage insurance if your down payment is less than 20% of the loan amount.

Private mortgage insurance (PMI) protects your loan’s investor (the entity that owns the loan) in case a borrower defaults. Lenders may require private mortgage insurance if your down payment is less than 20% of the loan amount.

If you put down less than 20% on a conventional loan, you may need to carry private mortgage insurance, also known as PMI. What is mortgage insurance ( PMI / MIP) and how to request removal.