When entering PMI in the DocMagic software, it is important to enter data in the correct fields. We have prepared this guide to help you through the process.
Upfront PMI
If a borrower needs to pay one year's worth of PMI premiums upfront, the DocMagic customer will need to fill in Sections A and B and leave Sections C-G blank (see image below). Section B will automatically default with the first year premium when Section A is filled. For example, if you have a $100,000 loan with a renewal rate of .78%, you will need to fill in Section A with .78. Section B will automatically default to $780.00.
Then, Sections H and I would need to be filled next. In Section H, enter the date when the PMI premium becomes due one year from now. In Section I, enter the number of months of PMI premiums to be collected (since the amount was collected upfront, Section I will be "0").
Click for larger image
If you have any questions on how to enter an Upfront PMI, please contact DSI's Customer Service Department at (800) 649-1362.
DSI's Compliance Department invites you to review our other articles on canceling PMI and entering PMI/MMI information in DocMagic:
RSS