Canceling PMI When Nothing Else Is Being Paid Through Escrow

Canceling PMI When Nothing Else Is Being Paid Through Escrow

Canceled PMI, left last month's premium amount in the escrow account, then ran an escrow analysis. The amount of the premium was deducted from the P & I amount, as there was no escrow to subtract it from.

Workaround:

  1. Open the Tracking module, highlight the PMI insurance record, and double-click.
  2. On the Insurance Details screen, in the Cancel Date field under policy information, enter the date of cancellation.
  3. Under premium information, un-check the OK to Pay box.
  4. Disburse any final payment to the PMI company and refund excess funds, if necessary, prior to analyzing the loan.

ArticleNumber:

000066419