Introducing Enterprise-Paid Mortgage Insurance
A New, Innovative Mortgage Insurance Alternative
• Streamlined Underwriting Experience
• LTVs up to 97%
• Enhanced Pricing for Many Scenarios (see below)
Available August 1, 2018
About Enterprise-Paid Mortgage Insurance (EPMI)
Available for Broker and Wholesale Correspondent Clients (Freedom Flex)
Effective on new Fannie Mae locks on or after August 1, 2018. Any lock prior to August 6th with more than one borrower must be submitted to your Regional Lock Desk.
Enterprise-Paid Mortgage Insurance (EPMI) is a new alternative to LPMI/BPMI. This new program features a simplified loan approval process and fulfillment experience that may offer enhanced pricing for you and your borrower.
How EPMI Works:
• EPMI eliminates the need for separate mortgage insurance company approvals and MI certifications.
• The full MI cost is paid “upfront” through the associated LTV/FICO-based loan level price adjustments (LLPAs and Pricing Comparison provided from links below).
About EPMI Pricing:
Key Features and Benefits:
A Unique Competitive Advantage – Freedom Mortgage is pleased to offer this new option available from a limited group of lenders. It enables you to differentiate yourself immediately with your borrowers and referral sources.
A Streamlined Underwriting Experience – If your borrower qualifies for most eligible Fannie Mae products, no further MI certifications are required.
More Cash Flow and Lower Payments – EPMI eliminates monthly MI premiums, potentially resulting in a lower payment.
Broad Product Eligibility - Available with most Fannie Mae products (>80% and <=97% LTV) with the exception of Refi Plus, DU Refi Plus, Manufactured Housing, Loans originated from Guam, Puerto Rico, Virgin Islands and borrower(s) with no FICO scores. Minimum borrower FICO score of 620 is required.
Request Procedures and the Loan Estimate / Calculate Mortgage Insurance Screens
How to Request EPMI Mortgage Insurance from FreedomWholesale.com:
1. Run DU to verify the loan is FNMA-eligible.
2. Register the loan as a conventional FNMA and select “FNMA rate" from the MI Option picklist.
The Loan Estimate will display the EPMI program within the Calculate Mortgage Insurance section.
Calculate Mortgage Insurance
The Calculate Mortgage Insurance screen will also display the EPMI program.