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Key takeaways. Many mortgage lenders require borrowers to have a homeowners insurance policy with a mortgagee clause. The mortgagee clause is a provision that protects the lender from financial ...
With conventional loans, private mortgage insurance is generally paid monthly as a part of your mortgage payment. However, some lenders may allow you to pay some or all of the premium in advance ...
Hazard insurance is another term you may encounter while reviewing your mortgage contract. Hazard insurance is a term mortgage companies use to specify the portion of your homeowners insurance ...
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
Such clauses are common where the insured property is subject to a mortgage or other security interest and the mortgagee, usually a bank, requires the property be insured and that such a clause be included. The clauses are found in maritime insurance in relation to insuring mortgaged vessels.
In the insurance industry, an after acquired property clause allows insurance coverage for property the insured obtains after ratification of the policy or contract. This clause may operate only for a temporary period of time during which the insured must notify the insurer of the property so that the insurer can adjust the premiums accordingly.
Mortgage insurance is an insurance policy that protects the mortgage lender, but the borrower is the one who pays for it. With mortgage insurance, the lender or titleholder is covered in case you ...
Nationstar Mortgage LLC, doing business as Mr. Cooper, is a home loan servicer headquartered based in Dallas, Texas, area. It is the consumer-facing mortgage lender and servicer of its parent company Mr. Cooper Group. [ 1 ]