***Mortgage Insurance NOTICE***
I wanted to share in the event that you haven't heard about this.
**Notice from the mortgage insurance companies. **
This will go for all lenders. Mortgage insurance companies starting March 31st will NOT
be writing mortgage insurance over 97% financing. NO MORE 100% mortgage
insurance coverage. 100% loans will have to go FHA or VA. We do not know how
long this will last but we expect at least a year.. If you have a client
that is pre-approved for 100% financing and they are not going FHA or VA I
suggest you make sure its in underwriting and the mortgage insurance
certificates have been ordered and received before March 31st or you may not
have a deal close. Again this is the mortgage insurance companies making
this change. Lenders do not write mortgage insurance MI companies do like,
Genworth or PMI Group who are the two largest.
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