The Order MGIC MI Mortgage Insurance screen allows users to order the Private Mortgage Insurance (PMI) certificate for a loan file through MGIC.
Users have the ability to order and edit a certificate request prior to and after a loan is set to Final with the applicable user right.
Tip: The loan must be locked prior to submitting for a PMI certificate.
To access and order a PMI certificate from MGIC, click on Order MI - MGIC in the left-side navigation under Services.
The Order MGIC MI Mortgage Insurance screen is divided into two sections: Loan Summary and Enter Mortgage Insurance Request Information.
The Loan Summary section will automatically populate basic borrower and loan information such as the Borrower(s) name, Borrower (s) SSN, Loan Number, Loan amount and Property Address.
Tip: Fields indicated with a red asterisk (*) are required to be filled out.
The Enter Mortgage Insurance Request Information section will provide multiple fields to be completed by users manually.
Users have the ability to enter the Certificate Identifier in the Certificate Identifier field if a request is being resubmitted.
Users have the ability to enter the MI company assigned special deal number, if applicable.
Application Type drop-down list allows users to select the Application Type as Delegated, Pre-qualification, Standard or Rate Quote.
Certificate Type drop-down list allows users to select the Certificate Type as Both primary and Pool, No Coverage, Pool or Primary.
Coverage Plan drop-down list allows users to select the Coverage Plan as Pool, Risk Sharing, Second Layer or Standard primary.
Duration drop-down list allows users to select the Duration as Annual, Not Applicable, Periodic Monthly, Single Life of Loan, or Single Specific.
Initial Prem At Closing drop-down list allows users to select the Interim Premium At Closing as Deferred or Prepaid.
Premium Financed drop-down list allows users to select the premium Financed as Yes or No.
Subprime Program drop-down list allows users to select the Subprime Program as AMinus or Not Applicable.
Loan Prospector Credit Risk Class drop-down list allows users to select the Loan Prospector Credit Risk Class as Accept, Caution, Refer or Not Applicable.
Premium Paid By drop-down list allows users to select the Premium Paid By as Borrower, Both Borrower and Lender or Lender.
Premium Rate Plan drop-down list allows users to select the Premium Rate Plan as Back loaded, Level, Modified Front Loaded or Standard Front Loaded.
Premium Refundable Type drop-down list allows users to select the Premium Refundable Type as Not Refundable, Refundable, and Refundable with Limits.
Renewal Calculation drop-down list allows users to select the Renewal Calculation as Constant, Declining, No renewals or Not Applicable.
Reduced Loan Documentation drop-down list allows users to select the Reduced Loan Documentation as No Income No Asset, No Income No Ratio, Stated Income w/ IRS Form 4506, Stated Income w/o IRS Form 4506, Stated Income Stated Asset and Stated Assets.
Desktop Underwriter Recommendation drop-down list allows users to select the Desktop Underwriter Recommendation as Refer Eligible, Out of Scope, Approve Eligible, Refer Ineligible, Unknown, Approve Ineligible, Refer With Caution, Refer, Deny, Error, Complete, Approve, Ineligible, Complete With caution, Refer With Caution 1, Refer With Caution 2, Refer With Caution 3, Refer With Caution 4, Resubmit, Expanded Approval 1, Expanded Approval 2, Expanded Approval 3, Expanded Approval 4, Expanded Approval 1 Eligible, Expanded Approval 1 Ineligible, Expanded Approval 2 Eligible, Expanded Approval 2 Ineligible, Expanded Approval 3 Ineligible, or Expanded Approval 3 Ineligible.
Freddie Mac Purchase Eligibility drop-down list allows users to select the Freddie Mac Purchase Eligibility as Eligible, Ineligible, or Eligible LP A Minus Offering.
Click Submit once all required fields along with any additional information to be entered to submit for a PMI certification.
Click Cancel if the submission is not ready to be submitted.
If any fields, that are required for MI, are incomplete in the system, a screen will appear indicating what fields must be completed. If everything is filled out correctly, the system will automatically bring you back to the loan dashboard. The Institution ID stored in admin will be sent over as the Branch ID to both RMIC and MGIC.
Once the loan has been submitted to MGIC for a PMI certificate, click on the view icon (a piece of paper with a spyglass stamped on top) located next to Order MI-MGIC in the left-side navigation menu to view MGIC's response.