Navigation:  Loan Screens > Account Information Screen Group > Additional Loan Fields Screen > Origination/Maturity tab > PMI Percent

Entry: System, numeric

F/M: Yes

Mnemonic: LNPMIP

Screen: Loans > Account Information > Additional Loan Fields > Origination/Maturity tab

 

This field displays the percent of the mortgage that is charged for the private mortgage insurance on the loan, if applicable. Most loans on GOLDPoint Systems do not require a PMI. Leave this field blank if this loan does not require PMI.

 

If this loan does require PMI, use the PMI Code field to select the insurer of the PMI.

 

PMI fees vary, depending on the size of the down payment and the loan, from around 0.3 percent to 1.15 percent of the original loan amount per year. Example: A customer buys a home for $175,000 with a 10 percent down payment, therefore borrowing $157,500. The mortgage insurer charges an annual premium of 0.49 percent (the amount entered in the PMI Percent field). The insurer multiplies the loan amount by 0.0049, for an annual premium of $771.75, which is divided into 12 monthly payments of $64.31.