Business / Real Estate / Private Mortgage Insurance (PMI): Insurance provided by private carrier that protects a lender against a loss in the event of a foreclosure and deficiency. A special form of insurance designed to permit lenders to increase their loan-to-market-value ratio, often up to 95 percent of the market value of the property. Many lenders are restricted to 80 percent loans by government regulations, special loss reserve requirements or internal management policies related to mortgage portfolio mix. A lender, however, may lend up to 95 percent of the property value if the excess of the loan amount, over 80 percent of value, is unsured by a private mortgage guaranty insurer.
Insurance Verb Synonyms: assurance, surety, indemnity, indemnification, guarantee or guaranty, warranty, bond, security, protection, cover
Private Noun Synonyms: (top) secret, confidential, undisclosed, hidden, clandestine, concealed, covert, surreptitious, off the record, not for publication, unofficial, hush-hush
Private Adjective Synonyms: personal, individual, own, intimate, particular
Business / Finance / Participating Life Insurance Policies: Life insurance that pays dividends to policyholders depending on the company's success as provided by few claims and profitable underwritings and investments. MORE
Business / Finance / Package Mortgage: A mortgage on a house and property in the house. MORE