Private mortgage insurance definition

Private mortgage insurance means insurance paid for by the mortgagor, including any mortgage guaranty insurance, against the nonpayment of, or default on, a residential mortgage loan, other than mortgage insurance made available under the federal National Housing Act, United States Code, title 38, or title V of the federal Housing Act of 1949. "Private mortgage insurance" does not mean lender-paid mortgage insurance.

Private mortgage insurance means a policy of mortgage guaranty insurance issued by an insurer authorized to write such insurance in the State in which the property secured by the mortgage or deed of trust is located, securing the mortgage lender against default by the borrower under a note secured by the mortgage or deed of trust.

Private mortgage insurance means mortgage insurance, other than

Examples of Private mortgage insurance in a sentence

• Private mortgage insurance covers residential first mortgage loans and expands home ownership opportunities by enabling people to purchase homes with less than 20% down payments.

• Private mortgage insurance companies may have standards that are more restrictive than those listed herein.

• Private mortgage insurance, or PMI, is required for any conventional loan with less than a 20% down payment.

• Private mortgage insurance protects mortgage lenders from all or a portion of default-related losses on residential mortgage loans made mostly to home buyers who make down payments of less than 20% of the home’s purchase price.

• Private mortgage insurance also facilitates the sale of low down payment mortgage loans in the secondary mortgage market, principally to the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac") (Fannie Mae and Freddie Mac are collectively referred to as the "GSEs").

More Definitions of Private mortgage insurance

Private mortgage insurance means one or more policies of insurance issued by one or more Qualified Mortgage Insurance Companies that require insurance benefits to be paid to the mortgagee following default by the Mortgagor under the terms of the Conventional Loan; the amount of such coverage shall be in accordance with Chapter 3 of this Guide.

Private mortgage insurance means mortgage insurance that insures lenders against financial loss by reason of nonpayment of principal, interest and other sums agreed to be paid under the terms of any note, bond or other evidence of indebtedness secured by a mortgage, deed of trust or other instrument constituting a lien or charge on real estate which contains a residential building. However, private mortgage insurance does not include mortgage insurance made available under the National Housing Act, 12 U.S.C., Section 1701 et seq., Title 38, or Title V of the Housing Act of 1949, 42 U.S.C., Section 1471 et seq.;

Private mortgage insurance. ’ means mortgage insur-

Private mortgage insurance means private mortgage insurance or guaranty issued by a Private Insurer and providing primary mortgage insurance or guaranty coverage of all or a portion of a Mortgage Loan.

Private mortgage insurance a primary mortgage guaranty insurance policy. The inclusion of this definition shall not be construed as a requirement that any such insurance be obtained.

Private mortgage insurance means a private mortgage insurance policy issued by a company satisfactory to the Issuer authorized to do business in the District and whose rating for claims-paying ability will not adversely affect the Rating Quality of the Bonds.

Private mortgage insurance means mortgage insurance that is purchased for conventional loans on that amount of the loan that is in excess of 80 percent loan to value.