Insurances to Ensure That You Pass the NMLS Exam!
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At what LTV is MIP automatically removed? Is it 80? How about 78%? Or possibly 77%? How about none of those? A servicer will only remove MIP after the FHA loan completes its 11th year, and only assuming that the loan’s original down payment was 10% or more. PMI, MIP, title, forced-place, hazard, and flood insurances, including all derivatives thereof, are requirements for you to know if you plan to score a passing grade on the SAFE Licensing Exam. What is the form used by a homeowner when she wants to contest her property being in a flood zone? What are the flood zones in which a lender would require a property owner to secure flood insurance if he has a mortgage? What happens if a mortgagor allows his insurance to expire? Under what three conditions would a borrower be able to successfully petition her mortgage servicer for the elimination of PMI? These are all things that competent mortgage professionals must know. And competent mortgage professionals pass the NMLS National Licensing Examination. Get the picture? Ensure your success by training with this important video today!