The following is a summary on how to input mortgage insurance into PC Lender (PCL). In PCL, from the Mortgage Data screen, you will click the following: 

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Program type o Choose the appropriate program.  C30/C20/C15 (BPMI) is borrower paid lump sum single premium mortgage insurance in PCL.  C30/C20/C15 (Monthly MI) is borrower paying monthly mortgage insurance.  C30/C20/C15 (LPMI) is lender paid single premium mortgage insurance.  C30 (Financed MI) is borrower financed the single premium in PCL. Open the internet to one of the following mortgage insurance companies web site, listed in no particular order. o Radian o MGIC o United Guaranty  Choose the appropriate MI factor based upon your loan scenario.  Example: 90% LTV with a 725 credit score, 25% coverage, the factor per MGIC’s rate card is .62%. (as of 10/17/11) o The reasoning behind having a MI rate sheet is to confirm that PCL is choosing the right coverage and factor per your scenario.

If in your Mortgage Data Screen the monthly MI factor does not populate with the correct MI amount, you will need to do the following. 

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In the Mortgage Data screen click the ellipses next to the “Mortgage Insurance” field; this will open the “Mortgage Insurance Edit” screen. o From here click the ellipses next to the “Name” field; this will open the “Mortgage Insurance Lookup” screen. Within the Mortgage Insurance Lookup screen, make sure that your Term, Finance Method, Maximum LTV, Occupancy, and Payment Period are set correctly per your scenario.

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In the list showing in the Mortgage Insurance Lookup screen, select the appropriate “Standard Monthly” which includes the factor taken from the Mortgage Insurance web site that you selected from the previous listed web site links. o Save your screen, then exit back to the Mortgage Data screen. Your MI should be populating properly.

If you are doing a borrower paid lump sum (BPMI for PCL) single premium mortgage insurance loan. You will need to do the following. Go to one of the mortgage insurance companies web sites and choose the single premium per your scenario. Print the rate quote provided by the MI company. 

Choose C15 (BPMI), C20 (BPMI) or C30 (BPMI) code in the Mortgage Data screen in PCL. o Click the ellipses next to the “Mortgage Insurance” field. o Then click the ellipses next to “Name” in the Mortgage Insurance Edit screen. o Next to “Payment Period”, check “Single” and select the blank line within the list of MI choices. Click ok. o Save and close, then go to the fee screen. o Within the fee screen, click the plus (+) button in the tool bar. o Uncheck “Match this Loan’s Parameters” and select “Series” 900- Advances, Select line#910 “Initial Mortgage Insurance” as a selection. Highlight it and select “ok”.  Manually input the specific dollar amount based upon your scenario in the fee screen. o Save and exit.

If you are doing a lender paid single premium (LPMI) loan- choose C15 (LPMI), C20 (LPMI) or C30 (LPMI) code in the Mortgage Data screen in PCL o Adjust your pricing/interest rate accordingly. o Save and exit. If you are doing Financed MI- use C30 (Financed MI) o 95% LTV/CLTV

o Always remember when you are doing a BPMI or LPMI to PRINT THE RATE QOUTE FROM THE MI COMPANY WEB SITE AND INCLUDE IT IN YOUR SUBMITTED FILE.

The program selected is C30 (Monthly MI). As noted the Mortgage Insurance did not populate with a monthly figure. We’ll need to click the ellipses next to the Mortgage Insurance field to choose the correct MI factor. After clicking the ellipses you will see the following screen.

Double click the ellipses to bring up the following Mortgage Insurance Edit screen.

Double check and make sure the items are matching your loan scenario. Select the appropriate coverage and factor per MI companies web sites. Select ok to close out the screen.

Your MI should populate properly in the Mortgage Insurance field.

For BPMI and LPMI single premium, make sure you go back to the Mortgage Insurance Lookup screen and select “single”. Again, click the ok to back out to the Mortgage Data screen.

To add the single premium for BPMI, go to the fee screen, highlight the 900 series and hit the plus button in the tool bar.

Uncheck “Match this Loan’s Parameters”, and select from the list “Initial Mortgage Insurance”. Select ok to save and you can change the points or dollar amount in the fee screen.

Double click the line item to bring up the Fee Edit screen. Change “Financed Fee” to “No”. For BPMI, “Show on GFE” remains “Yes”. Save and exit.