How can I set up a mortgage insurance product?

Answer

PMI-AGENCY CO & PLAN (01.15.14.04.<LENDER NUMBER>). If the company you would like to use is not already set up, choose a number that is not being used. Press <F2>FORWARD to advance to the next screen or press <F3>BACKWARD to return to the previous screen.

Numbers 1 to 49 are for private insurance companies, 50 to 59 are for FHA plans, and 60 to 69 are for VA plans.

Enter your selection and complete the mortgage insurance information. The first code is for the lender number. The lender number is the number assigned to each company. The second is for MIP, which is not being used at this time. Enter 00 in this field and continue. The third is for Fannie Mae’s Desktop Underwriter. This is assigned by Fannie Mae to the company for identification purposes when Fannie Mae underwrites a loan. The fourth is for Freddie Mac’s Loan Prospector, which is assigned by Freddie Mac for identification purposes when underwriting a loan. These fields must be entered if your company is using or plans on using DU or LP in the future. The codes can be found in the Mortgage Banker Set Up/Maintenance section.

To set up the first plan, press <SF1>DISPLAY PLANS after entering the lender information. At PLAN, enter 01 and press <NL>, and the MIP Plan Setup screen will display. Complete the mortgage insurance information for the plan given to you by the mortgage insurance company. To view the plan and to accept the information entered, press <ESC>.

More than one plan can be set up under the same company code by entering another plan number and completing the mortgage insurance information. For example, if an 02 is entered at the PLAN selection and <NL> is pressed, the program will advance to the MIP Plan Setup screen and allow you to enter another mortgage insurance plan. Press <F1> to exit.

When entering information into the MIP screen Field 39 with a product code and plan number, the program will default information into Fields 3 and 4 of that screen. The program will default the MIP plan into the PITI payment, the MIP financed, or the amount paid up front, whichever applies per the plan selected.