Forms & Docs > 1003 > Income & Housing tab > MI Rate %
The MI Calculation screen is utilized to correctly calculate the monthly MI (Mortgage Insurance) payment. The majority of the data on the screen will be pre-filled based on data that was entered previously on the loan file. Below is a list of the screens where, depending on user rights, the MI Calculation screen can be accessed:
Forms & Docs > 1003 > Income, Housing tab > MI Rate %
Forms & Docs > GFE/IFW > Itemized Fee Worksheet > 1000 section > Mortgage insurance > MI Rate %
Forms & Docs > GFE/IFW > Good Faith Estimate > 1000 section > Mortgage insurance > MI Rate %
Forms & Docs > Closing Request > 1000 section > MI Rate % (when the line item is turned on for the Closing Request screen in Admin under System Admin > Disclosures > GFE/HUD > GFE/HUD Fee Lines Settings)
Forms & Docs > Funding Request > 1000 section > MI Rate % (when the line item is turned on for the Funding Request screen in Admin under System Admin > Disclosures > GFE/HUD > GFE/HUD Fee Lines Settings)
Forms & Docs > Funding > Funding Breakdown > 1000 section > MI Rate % (when the line item is turned on for the Funding screen in Admin under System Admin > Disclosures > GFE/HUD > GFE/HUD Fee Lines Settings)
Doc Packages > Closing Docs > HUD PAGE 2 tab > 1000 section > MI Rate %
There are two ways that this screen can be utilized:
A financial institution may setup direct integration to order an MI certificate from MI providers. Users then order MI via Services > Order MI, and the data auto-populates into the MI Calculation screen, MI Screen, and Closing Docs > Additional Data tab.
Users order an MI certificate from the MI provider independent of the LOS. The data from the MI Certificate may be manually entered in the MI Calculation screen or imported into the LOS via Services > Order MI > Vendor Submission > Request Type > Query and entering in the Certificate Number.
Tip: Users entering MI Rate > User Defined Rate will be required to enter the MI Data > PMI Company to obtain the value for the User Defined Rate prior to clicking Calculate or Save/Close.
If the institution is choosing to utilize MI Grids, the system will review the grids based on the setup in Admin > System Admin > Disclosures > GFE/HUD > GFE/HUD MI Input Grids and then look for a match based off of the scenario entered on the MI Calculation screen. When the system finds a match, it uses the base factor and then includes premium adjustments to display the MI rate to the user. To use the MI Grids, the user will need to update the following fields with the applicable information:
Select PMI Company from the drop-down list (populates a list a PMI Companies setup in Admin under Vendor Admin > PMI Companies)
Select MI Coverage % from the drop-down list (populates from setup in Admin under Product & Pricing > Attribute Administration > MI Coverage)
Enter Credit Score for the loan
The user also has the option to enter a manual factor by clicking on the radio button next to the User Defined Rate field and entering a value. Please note: if the user is entering the figure manually, they will need to make adjustments for any applicable premium adjustments to the factor as well.
Click Calculate to display the MI rate and monthly amount. Changes can be made and recalculated on the page by clicking Calculate.
Click Save/Close to update the monthly amount in all of the screen/field locations noted above.
Click Cancel to discard changes made to this screen.