Vacation Home
Mavent is calculating MI for life of loan – conventional.
Mavent is coded to drop off MI at 78% for First Lien, Primary Residence, Single Family (Units =1) conventional loans. For loans where the property type is listed as Conventional SECOND/VACATION HOME, Conventional INVESTMENT PROPERTY, or Conventional MULTI UNIT PROPERTY (UNITS = 2-4), Mavent is coded to charge MI for the life of the loan.
Workflow to drop off at 78%:
To allow Mavent to read MI drop off as requested for Conventional SECOND/VACATION HOME, Conventional INVESTMENT PROPERTY, or Conventional MULTI UNIT PROPERTY (UNITS = 2-4), please follow the steps listed below:
1) Go to Forms – Select the RegZ LE or RegZ CD
2) Scroll down to Mortgage Insurance Area
3) Click on View Payment Schedule and note the month at which MI payments cease (means MI is zero like in month 99 it is zero and month 98 it is last MI, so MI cease is 98).
4) Go to the EDIT MI function in the MORTGAGE INSURANCE setup
5) Edit MI Line 1 to reflect the final month that MI is charged to correspond with the Payment Schedule (from above) wo
6) Remove info on line 2
7) Re-Run Compliance Report
The Mavent report should now be reading the MI to drop off at 78% and should provide the expected results.
