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Lender Paid Mortgage Insurance

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More Help For Mercy - Sorting Out LPMI
by: Jill

Just read your response to a reader about LPMI. I really like your approach. You give "context" and a clear definition of what the "terms" mean, then talk about the process that the banks use and what conditions exist that cause what the reader is experiencing.

Excellent stuff.

Solutions to the reader's problem whether refinance or legal counsel, both carry an additional cost. I guess the trick is to really be clear about the structure of the loan before these type of problems arise.

I think of Ronald Regan's notion of "trust but verify", or the one I use, "inspect what you expect".

It would seem that the reader might have asked that there be language that states the LPMI is not part of the deal, or at least document conversations about how, if, and when LPMI applies... Basically what are the "right questions" to ask upfront, to save on headaches later...

Thanks again to our friend Jill
by: Kate

Jill,

We all appreciate your input here. I know from our conversations how much your mom influenced your outlook on credit responsibility.

Thanks for taking the time to assist your fellow homeowners.

Kate

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