Lender-paid mortgage insurance (LPMI) monthly premium options allows lenders to pay the monthly premiums and factor that cost into the interest rate they charge homebuyers on their loans or they can charge an origination fee to cover the premium.

LPMI monthly premium option may make sense for lenders who want to pay the monthly MI premiums and factor the cost into the interest rate that charge on borrowers’ mortgage loans. LPMI coverage cannot be canceled and remains in effect until the loan is paid off or refinanced.

Essent offers standard and portfolio LPMI programs to its lenders. Contact your Essent account manager to discuss your needs and qualifying criteria.

Refer to Sections 10.0 and 11.0 of the Essent Client Services Guide for information regarding cancellation of MI coverage and refunds of premium depending on the Premium/Product Plan selected and Source of Premium Payment