LPMI addition offers greater loan officer flexibility with CFPB regulations
LINCOLN, Neb.— March 4, 2014 — Mortech, a Zillow® business providing mortgage technology software solutions for mortgage bankers and secondary market teams, today announced the release of new LPMI products and functionality to the suite of Consumer Financial Protection Bureau compliance tools built into Mortech’s Marksman® product and pricing engine. Mortech released the compliance tools last November to allow loan originators to manage compliance upon intake, prior to the loan application entering the loan origination system, and has been adding functionality since then.
The newest tool added to the suite is a Lender Paid Mortgage Insurance (LPMI) module that allows the lender to pay the Mortgage Insurance (MI) premium for their mortgage customers. The one-time premium is added into the interest rate that is charged on the loan. Now, Marksman supports both LPMI and borrower-paid MI. If a borrower’s paid single premium is used, the points and fees calculation includes any portion of the premium that exceeds the FHA upfront mortgage insurance premium.