I have been running into borrowers who say they do not have PMI but when running it through DU, I find out they do. Is there a better way to find out for sure if the current loan they have has PMI? It would save a whole bunch of time and money...

Thanks!

I would ask them if they put 20% down in the first place.  Most people remember the answer.

Secondly check the payments with the interest rate.  If payments and interest rate match then I would assume there is no PMI.  Also check the Monthly Taxes and Insurance.

Jacob Varghese CMC

http://www.swanloans.com

http://www.swanloans.com/?pgcnfID=113371

Jacob,

Thank you for your reply.

With US banks and others who go past 90% with no PMI, the first question you suggest may not give me the affirmation I am looking for. In the past, I have checked the reverse calculation of their payment to rate but without knowing for sure their hazard amount and taxes, the calculation is always off. Not to mention that some borrowers either don't know their true note rate or just tell us they have a different rate than they really do. You know; some borrowers tell you they don't have PMI and that they have a conventional loan and then after pulling credit they end up having an FHA loan... Borrowers sometimes don't know what they have or what the real numbers they pay so by taking their word for it, we may be missing out on business because the borrowers didn't understand or answered inaccurately...

I do try to get the payment statement which shows me the breakdown of escrows and most of the time will show PMI or not but by that time, I have taken the application and most likely pulled credit which is a cost of my time and money. I was hoping for some new or current technology that allows us to confirm right away. Maybe a website similar to the Fannie Mae Loan Look Up Tool or a phone number to call and confirm...

I will continue to look and thank you for your help.

Chris