Beginning June 4, 2018, National MI introduces Rate GPSSM (Granular Pricing System), a new risk-based pricing system that uses risk intelligence to deliver very competitive rates for borrowers based on individual loan characteristics. It’s a more granular way of pricing based on multiple factors related to a borrower’s situation and helps lenders gain more business from well-qualified homebuyers.


For quick access to other monthly and single premium options and agency coverage requirements, click here:

Monthly Premium: Monthly Advantage Premium, BPMI and LPMI
Single Premium: BPMI Non-Refundable  |  Single Premium: LPMI Non-Refundable  |  Single Premium: BPMI Refundable
Agency Coverage Requirements

Monthly Premium: Monthly Advantage Premium, Borrower-Paid and Lender-Paid

Monthly Advantage Premium requires premiums to be remitted monthly to maintain coverage.  No initial premium is required at closing to activate coverage.

LENDER-PAID MONTHLY PREMIUM has a coverage term of one month, with the first month’s premium required to activate coverage.  Renewal premiums are remitted monthly to maintain coverage.

ANNUAL PREMIUM MI requires premiums to be paid annually for a coverage term of one year, with the first year’s premium paid at closing to activate coverage (or financed into the loan amount1).  Refunds are provided if the coverage is cancelled during the year.

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Single Premium: Borrower-Paid Non-Refundable

NON-REFUNDABLE BORROWER-PAID SINGLE PREMIUM MI is a single, upfront payment at closing which provides the required coverage (until the loan amortizes to 78% LTV).  The amount can be financed into the loan amount1 , paid out of pocket, or via seller concession to achieve the lowest monthly mortgage payment.  No refund is provided unless cancellation is covered under the Homeowners Protection Act of 19982.

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Single Premium: Lender-Paid Non-Refundable

LENDER-PAID SINGLE PREMIUM requires a single upfront payment to provide coverage for the life of the loan (until loan balance is paid in full).  Lender Paid Singles are non-refundable.  The Homeowners Protection Act of 1998 does not apply to Lender Paid mortgage insurance.

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Single Premium: Borrower-Paid Refundable

REFUNDABLE BORROWER-PAID SINGLE PREMIUM MI is a single, upfront payment at closing which provides the required coverage (until the loan amortizes to 78% LTV).  The amount can be financed into the loan amount3 , paid out of pocket, or via seller concession to achieve the lowest monthly mortgage payment.  In the event that coverage is cancelled, a refund may be provided per the Refundable Single Premium Refund Schedule, or if cancellation is covered under the Homeowners Protection Act of 19984.

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Agency Coverage Requirements

Premium Product Comparison

premium comparison chart

Borrower Paid Mortgage Insurance

  • Premiums paid by borrower
  • Mortgage Insurance disclosed to borrower as separate and distinct line item
  • Certain payment plans allow premium to be financed into loan amount1
  • May be cancellable by borrower under Homeowners Protection Act2

Lender Paid Mortgage Insurance

  • Premiums are paid by lender
  • Mortgage Insurance specifics not disclosed to borrower3
  • Lender Paid premiums are non-refundable
  • Not cancellable by borrower under Homeowners Protection Act4

Subject to investor LTV / CLTV guidelines
Homeowners Protection Act (HoPA) allows borrowers to request cancellation of mortgage insurance based on the amount still owed vs. property
value, upon borrower’s cancellation request through their servicer

Lender may be required to provide some form of disclosure to borrower