Are existing Fannie Mae loans with lender-paid, primary MI coverage eligible for Refi Plus?
Existing loans with lender-paid primary coverage are eligible for a same-servicer refinance under Refi Plus with manual underwriting, and it is the servicer’s responsibility to ensure continued coverage. Existing loans with lender-paid primary MI coverage that were delivered to Fannie Mae before March 1, 2009 are eligible for DU Refi Plus. For different-servicer refinances, the lender must obtain MI coverage at least at the existing level (see Announcement 09-20).
Related Questions
- Are existing loans with financed MI eligible for Refi Plus, and are there any differences from other loans in how the MI coverage is continued?
- What amount of MI coverage is required on DU Refi Plus loan casefiles with an LTV greater than 80 percent?
- Is new lender-paid, primary MI permitted on Refi Plus transactions?
