Private Mortgage Insurance
Private mortgage insurance is a type of insurance that helps protect the mortgage company
against losses due to foreclosure. This protection is provided by private mortgage
insurance companies and allows mortgage companies to accept lower down payments than would
normally be allowed.
Private mortgage insurance also enables mortgage companies to grant loans that would
otherwise be considered too risky to be purchased by third party investors like the
Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage
Corporation (FHLMC). The ability to sell loans to these investors is critical to
maintaining mortgage market liquidity, which in turn, allows mortgage companies to
continue originating new loans. |
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