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The mortgagee clause is a provision that protects the lender from financial loss if the mortgaged property is substantially damaged or destroyed. A mortgagee clause protects the lender even if the ...
Some of the most important things to consider are your location, the cost of coverage and the provider’s third-party ratings. The following five steps will help you understand how to choose the ...
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the borrower.
For an FHA loan, for example, you’ll need a credit score of at least 580 and a down payment of at least 3.5 percent. You can get a mortgage through a direct or retail mortgage lender, such as a ...
Incident. Amount. Fridge value at the time of purchase in 2018 (i.e., its replacement cost) $1,500. Useful life. 14 years. Depreciation per year. $107 ($1,500 ÷ 14)
Mortgage insurance. Mortgage insurance (also known as mortgage guarantee and home-loan insurance) is an insurance policy which compensates lenders or investors in mortgage-backed securities for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer.
Mortgage servicer. A mortgage servicer is a company to which some borrowers pay their mortgage loan payments and which performs other services in connection with mortgages and mortgage-backed securities. The mortgage servicer may be the entity that originated the mortgage, or it may have purchased the mortgage servicing rights from the original ...
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...