If the Mortgage Insurer will not transfer the mortgage insurance to the new mortgage, is the mortgage still eligible for sale to Freddie Mac?
No. Existing mortgage insurance must be transferred to the Relief Refinance Mortgage with the same percentage of coverage. In addition, you must deliver the existing mortgage insurance certificate number or the replacement certificate number provided by the Mortgage Insurer and other required mortgage insurance data.
Yes, if Mortgage Insurance can be obtained from a new Mortgage Insurer for the same or higher MI coverage, then the loan would be eligible for sale to Freddie Mac. If new mortgage insurance is obtained, the replacement certificate number must be provided by the Mortgage Insurer along with the other required mortgage insurance related fields.
Related Questions
- If the Mortgage Insurer issues a replacement certificate number for the mortgage insurance being transferred to the Relief Refinance Mortgage where do I input this information?
- Is a loan eligible for sale to Freddie Mac if the lender purchased the loan from a correspondent that did not comply with AIR in originating that loan?
- If the Mortgage Insurer will not transfer the mortgage insurance to the new mortgage, is the mortgage still eligible for sale to Freddie Mac?
