More Bad News For Mortgage Lenders? PMI Companies Attempting To Rescind Insurance Policies

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The last few years have presented many challenges for mortgage lenders. The latest challenge may be coming from an unlikely source - private mortgage insurance policies. Private mortgage insurance, or PMI, is the insurance that mortgage lenders purchase, or cause their borrowers to purchase, when the borrower does not make a down payment of at least 20% when purchasing a home. The PMI policy is intended to protect the lender in the event of a default by the borrower.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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