RC_LA_EA_300.3 Escrowing Mortgage Insurance
The three major components of most escrow accounts are property insurance, mortgage insurance, and real estate taxes. In this course, we will look at various types of mortgage insurance which protect mortgage lenders against loss in the event of default or foreclosure.
Escrowing Mortgage Insurance begins by covering the purpose of mortgage insurance and then covers the specifics of insuring conventional loans including the functions lenders have to perform and how mortgage insurance gets cancelled. Next we will discuss FHA loans and the use of HUD's mortgage insurance premium (MIP). Finally, we’ll explore how the Department of Veterans Affairs guarantees VA loans against losses due to default or foreclosure.
This is a single-family/residential course.
Seat time approximately 30 mins.