Pricing Single or Split BPMI

JMAC Lending now offers two new types of Mortgage Insurance – Borrower Paid Split and Borrower Paid Single Premium. This is in addition to our current options of Borrower Paid Monthly Premium and Lender Paid Single Premium. These new options will appear within the pricing engine under the Conv Loan PMI Type dropdown when the LTV is above 80%.



Check the eligibility and pricing of Borrower Paid Single Premium and Borrower Paid Split Premium reviewing BPMI Premium Indications Only


Borrower Paid Single Premium

The Borrower Paid – Single Premium option will populate a Mortgage Insurance Premium closing cost for the borrower. After receiving pricing results, preview this amount by clicking on the hyperlink under the Closing Costs column.



The fee will be named Mortgage Insurance Premium. 



Once registered, this amount will appear in Section B of the Closing Costs page.



Borrower Paid Split Premium

The Borrower Paid – Split Premium option will populate a Mortgage Insurance Premium closing cost for the borrower as well as a monthly premium amount. After selecting Borrower Paid – Split Premium, a new required field named Split MI Upfront Premium will appear.



This percentage will be the closing cost amount the borrower will pay. Valid amounts are 0.50% to 1.75% depending on the loan scenario.

After receiving pricing results, preview the closing cost amount by clicking on the hyperlink under the Closing Costs column.



The fee will be named Mortgage Insurance Premium.



Once registered, this amount will appear in Section B of the Closing Costs page.



Once registered, review the monthly premium in the Combined Monthly Housing Expense section of page 2 of the Application Information page. This will be under the Proposed Amount column and the Mort Ins / Notes row.

IMPORTANT: The monthly amount can also be found on the Initial Disclosure Preview if using the Disclosure Generator.



To learn more about the Disclosure Generator, read Generating Your Initial Disclosures.


Restrictions When Disclosing Single or Split Premium MI

Each loan with Borrower Single or Borrower Split MI Premium and a DTI over 45% must be manually reviewed by our Disclosures team prior to sending initial disclosures. The Disclosure Generator will return the following error in this scenario:



To complete initial disclosures, click Request Lender to Complete Order. To learn more about the Disclosure Generator, read Generating Your Initial Disclosures.

You can register or request prelock once you have determined your preferred rate and program.



For more information on our lock policy, please read Rate Lock Policy


Change of Circumstance Between MI Types 

In some situations, the borrower may request to switch the type of Mortgage Insurance after the initial disclosures. In this case, submit a change of circumstance to switch between any MI types. This change will reset the tolerance for the MI amount depending on the new type.

To learn more about  a Change of Circumstance, read Submitting a Change of Circumstance.