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Mortgage Professor: Standard and Reverse Mortgage Guidance

Jack M.Guttentag is Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania and author of The Mortgage Encyclopedia.Throughout his career, Professor Guttentag has been concerned with the difficulties faced by consumers in the home loan market.

Actived: Tuesday Dec 1, 2020

URL: https://mtgprofessor.com/home.aspx

Mortgage Insurance - The Mortgage Professor

Details: Which Loan Characteristics Affect the Mortgage Insurance Premium? What Are the Different Ways of Paying for Mortgage Insurance? What Factors Affect the Relative Advantage of Taking Out a Second Mortgage in Combination With a First, Rather than Paying For Mortgage Insurance?

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Title Insurance - The Mortgage Professor

Details: Question on Title Insurance. What is Title Insurance, Is it Required, Does it Protect the Borrower, Why Must I Purchase a New Policy When I Refinance, and Other Questions. If a Property Changes Hands Very Quickly, Is a New Title Insurance Policy Required Each Time?

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Do You Know Your Mortgage Insurance Options - Mortgage

Details: The single premium plans generate a much lower monthly payment increase than the monthly plan. For example, on a 30-year loan of $90,000 at 5%, the payment without insurance is $483.14, the monthly insurance premium is $46.50, and the total payment is $529.64. The single financed premium with rebates increases the loan amount to $91,980

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Reissue Rates - The Mortgage Professor

Details: Don’t look for an economic rationale for these differences, they appear to be as unconnected to the costs of providing insurance services as the premiums themselves. Documentation Requirement A reissue is an extension of a current policy at a reduced premium, but to qualify borrowers must document that they have the policy that will be extended.

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Questions About Homeowners Insurance - The Mortgage Professor

Details: Insurance carriers have been getting tough because they have suffered unexpected losses. Wildfires, floods and mold have caused losses over large groups of houses in the same areas, as opposed to the randomized individual losses that carriers expect. In addition to general increases in premiums, the carriers have become more discriminating.

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PMI (Mortgage Insurance) Calculator: Period to Termination

Details: PMI(Mortgage Insurance) Calculator (4a) Period to Termination Who This Calculator is For: Borrowers who want to know how long they will have to pay mortgage insurance premiums on their current mortgage. What This Calculator Does:This calculator indicates how long it may take before ratios of loan balance to property value allow termination of mortgage insurance (see note below)

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Guidance on Third Party Fees - The Mortgage Professor

Details: Private Mortgage Insurance(PMI): On a conventional (non-FHA, non-VA) mortgage, you are required to purchase PMI if you put less than 20% down on a purchase, or have less than 20% equity on a refinance. Because the insurer is selected by the lender, PMI has never been shoppable – until now.

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Mortgage Professor: Standard and Reverse Mortgage Guidance

Details: Jack M.Guttentag is Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania and author of The Mortgage Encyclopedia.Throughout his career, Professor Guttentag has been concerned with the difficulties faced by consumers in the home loan market.

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Mortgage Calculators - The Mortgage Professors

Details: Borrowers putting less than 20% down may use mortgage insurance calculators to decide whether to purchase mortgage insurance, the best premium plan, and how long they will have to pay it. Mortgage Points Calculators (11a, 11b, 11c and 11d) Borrowers with an opportunity to pay points to reduce the interest rate can use these calculators to find

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How Do I Figure Escrows? - The Mortgage Professor

Details: * Insurance payment of $960 is due in March. The tax escrow deficiency of $600 in August, plus a 2-month cushion of $600, results in a required deposit of $1200 at closing. The insurance escrow deficiency of $560 in March, plus a 2-month cushion of $160, results in a required deposit of $720 at closing.

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What Is the Real Cost of Mortgage Insurance? - Mortgage

Details: Mortgage insurance is an alternative to a larger down payment, and also to a second ("piggyback") mortgage for the amount of the loan above 80% of property value. Knowing the cost of mortgage insurance is helpful in deciding which of these options is least costly to the borrower.

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Mortgage Insurance Calculators - Mortgage Professor

Details: Borrowers selecting loans that exceed 80% of the property value may be faced with three issues related to private mortgage insurance, two at the time the loan is originated, and one some years down the road. later on decide whether they want to purchase mortgage insurance as opposed to other options.

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APR Calculator: Fixed-Rate Mortgages

Details: Upfront mortgage insurance premium (if applicable) - (Enter $$ or %) DO NOT USE DOLLAR SIGNS ($), COMMAS (,) PLUS SIGNS ( + ) OR PERCENTAGE SIGNS (%) IN ANY INPUT BOXES : Note: Fees included in the APR are shown in Settlement Costs Included in Annual Percentage Rate, see the source cited there. The APR is a legal concept and while the Mortgage

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A Brief History of Mortgage Insurance - Mortgage Professor

Details: Insurance was attached to mortgages that were sold, and to certificates issued against mortgages that the firms owned. The certificates were sold to the public, and were typically collateralized by mortgages that could not be sold directly. Loans were all interest-only, so the insurance was a guarantee of the interest on the due date, and

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Homeowners Insurance - Mortgage Professor

Details: Homeowners Insurance How to Avoid Homeowner's Insurance Cancellation Questions About Homeowners Insurance. Sign up to Receive New Articles . Tweet: Want to Shop For a Mortgage on a Level Playing Field? Then Shop With the Professor and Get His 5 Levels of Protection.

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Pros and Cons: Mortgage Insurance Versus Higher Rate

Details: Whether paying a higher interest rate is better or worse than paying mortgage insurance depends on a variety of factors, including how long the borrower expects to have the mortgage and how rapidly the property appreciates. All the factors can be pulled together in calculator 14a.

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Questions About Title Insurance - Mortgage Professor

Details: Insurance premiums are the same for all carriers in “rating bureau states”: Pennsylvania, New York, New Jersey, Ohio and Delaware. These states authorize title insurers to file for approval of a single rate schedule for all carriers through a cooperative entity. Yet in some there may be flexibility in title-related charges.

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Why Do Borrowers Pay For Mortgage Insurance? - Mortgage

Details: Borrowers pay for mortgage insurance because when the modern industry began in the 1950s, legal interest rate ceilings would have prevented lenders from paying the premiums and passing on the cost to borrowers in the rate. The borrower-pay system, however, has created numerous problems, including perverse competition where insurers compete for the favor of lenders, raising costs to borrowers.

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The Role of PMIs in the Mortgage Crisis - Mortgage Professor

Details: Insurance premiums were scaled to down payment, the smaller the down payment, the higher the premium. PMIs must place half of their premium inflow in contingency reserves which can’t be touched for 10 years except to meet unusually large losses. This encourages the companies to set premiums based on estimates of losses over long periods, so

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Disclosure Rules About Mortgage Insurance - Mortgage Professor

Details: Insurance coverage refers to the maximum loss that the insurance will cover. The higher the coverage, the less the risk of loss to the lender or investor. Coverage standards are largely dictated by Fannie Mae and Freddie Mac, the two Federal agencies that buy a large proportion of the loans sold by lenders in the secondary market.

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Is There Recourse Against Bad Mortgage Servicing

Details: In many transactions, servicing agents also pay property taxes and insurance with money placed in escrow by the borrower. Borrowers can choose from whom they borrow, but they can’t choose the servicing agent. The agent may or may not be the lender who originated the loan. Servicing is frequently sold.

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Mortgage Insurance - Mortgage Professor

Details: Mortgage Insurance In the Post-Crisis Market: Why Is the Market Rigged Against Borrowers? A Brief History of Mortgage Insurance: Did We Take a Wrong Turn? Will Mortgage Insurers Help Borrowers in Trouble? \Bad Rules Lead to More Rules: The Example of Mortgage Insurance Termination. Sign up to Receive New Articles

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How to Avoid Homeowner's Insurance Cancellation - The

Details: Another way to reduce your homeowner's insurance policy cost is to choose the controversial depreciated value coverage for personal property losses. If an insured theft, fire or other insurance policy personal property loss occurs, the insurer must then pay only the replacement cost of an equivalent item.

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Down Payment Insurance - The Mortgage Professor

Details: The insurance coverage in this case is the purchase price reduction of $15,000 rather than the down payment of $20,000. Purchase Price Times the Percent Reduction in the House Price Index of the State Is the Maximum Loss: If in the case of a house purchased for $100,000 with 20% down the price index for the state declined by only 10%, the

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Who Does Mortgage Insurance Protect? - Mortgage Professor

Details: Mortgage insurance has no connection to any kind of life insurance, and pays no benefits to borrowers. The sole benefit received by the borrower is that, with mortgage insurance, lenders are willing to make loans with down payments smaller than 20% of purchase price or appraised value.

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What's Wrong With the Title Insurance Industry? - Mortgage

Details: Lender Insurance Versus Borrower Insurance: On mortgage refinance transactions, lenders would pay for lender policies, and borrowers would have the option to buy or not to buy title policies that protect them. On home purchases in areas where home buyers purchase their own title insurance, they would have the same option.

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Canceling Private Mortgage Insurance (2) - Mortgage Professor

Details: January 22, 2001, Revised December 1, 2006, December 12, 2007 Under Federal legislation passed in 1999, private mortgage insurance is cancelled automatically at some point, but borrowers who take the initiative may be able to terminate earlier than those who wait.

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Are Mortgage Insurance Premiums Deductible? - Mortgage

Details: So long as mortgage interest is deductible, borrower payments for services required by lenders to reduce their risk, including mortgage insurance and title insurance, should also be deductible. Under IRS rules, however, they are not. Congress made a temporary exception for mortgage insurance premiums paid in 2007 on loans originated in 2007, but whether this will be made permanent is not clear.

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Cancelling FHA Mortgage Insurance - Mortgage Professor

Details: The insurance must to be in force for at least 5 years. On loans closed June 3, 2013 and thereafter, there is no way to stop paying FHA insurance premiums except by paying off the loan balance completely. For cancellation rules on private mortgage insurance, see Cancelling Private Mortgage Insurance (2).

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How Can I Avoid Escrows on My Mortgage? - The Mortgage

Details: Lenders generally require borrowers to include taxes and insurance premiums in their monthly mortgage payments, and placed in escrow until the payment date when the amount due is paid by the lender. The rationale for the requirement is that it prevents a weakening in the protection provided to the lender by the property.

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Less-Than-20% Down Calculator: PMI (Mortgage Insurance

Details: Less-Than-20% Down Calculator (14b) PMI (Mortgage Insurance) Versus Higher Interest Rate Versus Piggyback Who This Calculator is For: Borrowers who cannot put 20% down, selecting between borrower-pay mortgage insurance, lender-pay mortgage insurance where the borrower pays a higher interest rate on the first mortgage, and a piggyback consisting of an 80% first mortgage plus a higher-rate

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Buying a House That Needs Work - The Mortgage Professor

Details: Lenders are encouraged to participate in 203K by the insurance against loss provided by FHA. However, 203Ks are more complicated and involve more paperwork than the mainstream FHA program, and participating lenders use specially trained staff. As a result, many lenders don’t offer 203Ks.

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Who Is Responsible For an Escrow Mistake? - The Mortgage

Details: Lenders make mistakes in calculating tax and insurance escrows, usually innocent but sometime deliberate, to make a deal look better than it is. That is fraud, but there is no way to prove it. Moral: Borrowers should always check escrow calculations.

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Single File Mortgage Insurance: An Advance? - Mortgage

Details: Single File Mortgage Insurance is lender-pay rather than borrower-pay mortgage insurance. It is a third option for borrowers who cannot put 20% down, the other one being a second ("piggyback") mortgage. Any one of them might be best for any particular borrower, but a system based on lender-pay would work best for borrowers over the long-run.

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How Do HECM Reverse Mortgages Work?

Details: The required upfront mortgage insurance premium on a refinance is the premium on a new HECM less the upfront premium the borrower paid on the HECM originally. The additional amount you can draw if you refinance depends on how much of your equity in the house you have already used, the extent to which your property value has changed since you

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FHA Mortgages: A 2009 Update - The Mortgage Professor

Details: Mortgage Insurance. FHA borrowers pay a monthly mortgage insurance premium of ½% per year (.55% on loans with less than 5% down)), and an upfront premium of 1.75% which is almost always included in the loan amount.

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Mortgage Amortization Calculators - Mortgage Professor

Details: One or more of the calculators here show monthly or biweekly changes in interest and principal payments, loan balance, tax savings and borrower equity.

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Do I Really Need All These Title Policies? - Mortgage

Details: Because title insurance protects against title defects prior to the date of the policy, lenders will insist on a new policy covering them, even if the period since the previous policy is very short. Borrowers should receive a significant discount on such policies, however.

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Conventional Versus FHA - Mortgage Professor

Details: FHA standard loans are for amounts up to $217,050 and eligible for insurance by FHA. FHA jumbo loans are for amounts up to $729,750, the maximums varying by county, and eligible for insurance by FHA. Nobody planned this structure, it is the consequence of multiple policy actions taken at different times for different purposes.

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Settlement Costs Included in Annual Percentage Rate

Details: July 11, 2002, Revised December 4, 2004, January 7, 2008, Revised April 9, 2011 In principle, the mortgage APR should include all settlement costs that would not arise in an all-cash transaction. Unfortunately, the current definition violates this rule in a number of instances, with no rhyme or reason.

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Buying Title Insurance on the Web: Entitle Direct

Details: Title insurance is regulated by the states, and all but a few require that premium charges be posted with the state. In some states, individual insurers post their premiums while in others it may be done either by an individual company or by a group of cooperating insurers. In Texas, New Mexico and Florida, premiums are set for all companies by

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Sample Mortgage Insurance Premiums - Mortgage Professor

Details: August 27, 2010 Note. The mortgage insurance premiums shown below are as of September 12, 2005. They are typical premiums posted by the seven private mortgage insurance (PMI) companies operating at that time.I have not updated them because current premium rates are readily available on the web sites of all the PMIs, but pre-crisis premiums are hard to find.

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Advantages and Disadvantages of Mortgage Escrows - The

Details: The lender is responsible for paying taxes and insurance out of the account. For many borrowers, this is a convenience. For "control freaks", it is an infringement on their personal autonomy. In support of being a control freak, occasionally lenders muck it up. Their systems fail and the payments don't get made.

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Refinance Calculator With Balance Pay-Down - Mortgage

Details: Refinance Calculator (3f) Refinancing an FRM With Balance Pay-down Who This Calculator is For: Borrowers trying to decide whether paying down the balance on their existing FRM in order to lower the cost of refinancing into another FRM would yield a satisfactory rate of return. What This Calculator Does:This calculator derives the rate of return on investment in a balance pay-down plus

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Cancelling FHA Insurance - The Mortgage Professor

Details: The following rules apply to the cancellation of FHA mortgage insurance. On loans closed on or after January 1, 2001, FHA's annual mortgage insurance premium will automatically be canceled-once the unpaid principal balance, excluding the upfront premium, reaches 78% of the lower of the initial sales price or appraised value.

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Are Any Reverse Mortgage Expenses Tax Deductible

Details: Mortgage insurance was $6,000, lender’s origination fee was $5,000, and other costs were $3,000. This left him $8,000 short, and that amount had to be paid in cash. He wanted to know if there was any way to make this deductible? After warning him that I was not a tax lawyer, I suggested that the $5,000 origination fee ought to be deductible.

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Upfront Fees on HECM Reverse Mortgages

Details: This safety margin allows them to charge insurance premiums that are only slightly higher than those on the standard mortgages it insures. An annual premium of 1.25% of the HECM loan balance compares to 1.20% on a standard 30-year loan with 5% down. The difference in the upfront premium is a little larger -- on a HECM it is 2% of property value

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Is Mortgage Insurance Overpriced? - Mortgage Professor

Details: Reducing Mortgage Insurance Premiums But the best remedy by far is to eliminate perverse competition by requiring that mortgage insurance be paid for by the lender. This rule would immediately drive down mortgage insurance premiums, since insurers would then be obliged to compete in terms of premiums rather than referral fees.

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The FHA In 2009 - The Mortgage Professor

Details: Mortgage Insurance. FHA borrowers pay a monthly mortgage insurance premium of ½% per year (.55% on loans with less than 5% down)), and an upfront premium of 1.75% which is almost always included in the loan amount. In contrast, most conventional loans have only a monthly premium which is higher than the FHA monthly premium but disappears at 20

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Is Title Insurance Overpriced? - Mortgage Professor

Details: Title insurance losses account for a small part of the premium dollar, and are much less vulnerable to conditions in real estate markets than mortgage insurance losses. The finding in Colorado, that the builders’ reinsurance affiliates have had zero losses, is thus powerful evidence that the premiums paid to them were only thinly-disguised

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