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.

Example: If your unpaid principal balance (UPB) is $80,000 but the replacement cost is $120,000, you need to carry a minimum insurance of $80,000 total. Note: There may be exceptions to this for properties in certain states. Your insurance carrier can tell you more about this.

If you put down less than 20% on a conventional loan, you may need to carry private mortgage insurance, also known as PMI. Lenders require PMI as protection against default.

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.

If you put down less than 20% on a conventional loan, you may need to carry private mortgage insurance, also known as PMI. Lenders require PMI as protection against default.

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.

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.

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.