Total MI Cancellations
Total MI Cancellations
Facilitates mortgage insurance (MI) cancellation
Total MI Cancellations makes the process of canceling a borrower’s Mortgage Insurance (MI) quicker, easier and more transparent. Within this tool are three integrated capabilities: eligibility, submission and verification.
Total MI Cancellations is one of three Total MI℠ solutions.
Eligibility
Launching in Q3 2023, this capability allows Servicers to confirm whether a loan is eligible for cancellation of borrower-paid MI, based on current value. Total MI Cancellations will be integrated within Servicing Gateway, providing near real time decisioning and eliminating the need in most cases to order a broker price opinion (BPO).
Submission
In 2024, the cancellation submission process will be further streamlined to be more transparent and efficient. Once a loan’s cancellation eligibility is confirmed, a Servicer can submit for cancellation of borrower-paid MI within the tool itself, and reapply coverage when it’s cancelled in error, eliminating the need for separate reporting.
Verification
The third capability focuses on verification, replacing the existing manual MI cancellation reconciliation process and significantly reducing the verification process as the data will already have been captured during submission. This integration will allow for true tri-party reconciliations, as MI companies and Servicers will be concurrently notified of data discrepancies.