67-25.0155. Private Mortgage Insurance

For conventional loans under a whole loan program, all program loans must be insured under a primary policy of private mortgage insurance issued by a private mortgage insurer whose ability to pay claims is rated by a nationally recognized rating service or agency with a rating equivalent to or better than the rating required by Resolution of the Board of Directors of the Corporation or by Program Documents, whichever is higher, and which will write a policy or private mortgage insurance on a form prescribed by the Corporation and approved by the Insurance Commissioner and at rates to be negotiated. Once the loan-to-value ratio reaches 78% of the original loan amount, the private mortgage insurance premium will be dropped in accordance with the Homeowner’s Protection Act of 1998.

Rulemaking Authority 420.507(12) FS. Law Implemented 420.502, 420.507, 420.508 FS. History–New 12-16-03.