Forms & Docs > MI Screen
The MI Screen is where the user enters information specific to the mortgage insurance certificate ordered on the loan. Users may edit the MI Screen before and after the loan has been finaled by clicking MI Screen from the left-side navigation under Forms & Docs.
Note: Ordering MI in MortgagebotLOS will automatically populate the data from the MI certificate to the MI Screen. See chapter on Order MI for detailed instructions on ordering MI in MortgagebotLOS.
The following fields will already be populated on the screen and can be changed by the user if needed:
Type drop-down- select Constant Renewal or Declining Balance
Certificate Number- Once MI has been pulled this number will default to the certificate number. If MI was pulled outside of the LOS this field can be edited to include the Certificate Number.
Lender-Paid Rate Percent defaults to 0.000%
Financed Single Premium Amount defaults to $0.00
Remitted drop-down defaults to Monthly but Yearly can be selected
MI Cancellation Date- date MI is canceled
Exclude MI from cushion-mark box if MI should be excluded from the Cushion
MI Adjuster Flag-This is for FHA loans and can be marked by selecting the box
Input the months and factor for the Collect as Loan Or Other Cost, Collect as Initial Escrow Deposit and the Renewal Schedule.
The Monthly Amount will add and display to the right side of each section.
Total MI Months will add once months have been input into the above sections. The Term and the Total MI Months have to match or the section will highlight in red.
Tip: Exclude MI from cushion determines if the MI will be included in the Aggregate Adjustment calculator. See the chapter on Closing Docs for more information on the Aggregate Adjustment calculator.
Click Save to save the information but remain on the MI Screen.
Click the arrow beside Save and then Save/Close to save the information entered on this screen and return to the Dashboard.
Click Cancel to discard changes made to this screen.