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.

Manage all insurance & tax details for your mortgage.

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.

If you’re required to carry PMI, we’ll cancel it automatically on the date your loan-to-value (LTV) ratio is scheduled to reach 78%. It can be called Private Mortgage Insurance (PMI) or Mortgage Insurance Premium (MIP).

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.

Learn how much insurance you need to cover your home and loan, and which types of insurance are required or optional for your property. Find out how to pay for insurance through your escrow account and what to do if you live in a high-risk area.

We accept payments from checking, saving, and money market accounts, as well as checks, money orders, and cashier’s checks. Payments can be made many different ways. Note: We do not accept debit or credit card payments at this time. Why did my monthly payment change?

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.

How do I get rid of PMI? The requirements to remove MIP are complex and depend upon multiple factors and scenarios which are too numerous to list here, but please contact us to review your options for cancelling MIP.

Having an escrow account is all about convenience. It means that you never have to worry about when property tax and insurance bills are due because we make the payments for you.