Lender’s Mortgage Insurance (LMI) is usually required when the loan amount required is greater than 80% of the property value and greater than 60% of the property value for Lo Doc loans. LMI insures the lender not the borrower in the event that the borrower defaults on the loan and the bank is required to sell the property. If the property is sold by mortgagee sale and there is a shortfall of funds to pay the loan, then LMI will pay the bank the shortfall and seek to recover the shortfall from the borrower.

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