The PMI Certificate serves as a formal document indicating the existence of Private Mortgage Insurance (PMI) associated with a specific loan. This insurance protects lenders in case the borrower defaults on their mortgage payments. The certificate contains various essential data fields pertinent for loan processing, underwriting, and record-keeping.
PMI is particularly important for borrowers who make a down payment of less than 20% on a home purchase, as it lessens the risk for lenders. By providing detailed information regarding the insured loan, including identification numbers, effective dates, and coverage amounts, the PMI Certificate plays a critical role in financial transactions within the real estate market.
Extractable Data Fields
Below is a table listing the key data fields that Vaultedge can extract from the PMI Certificate. Please refer to the table below for detailed information.