1. Retail Loans Origination User Guide (US Regionalization)
  2. Retail Loans Account Origination Process
  3. Application Enrichment Stage
  4. Mortgage Insurance

Mortgage Insurance

This topic describes the systematic instructions to configure the mortgage insurance.

In this data segment, you can capture mortgage insurance details. This data segment appears based on the following conditions

  • If the LMI rule is selected while configuring the product
  • If the rule outcome determines the mortgage insurance need.

To add mortgage insurance details:

  1. Click Next in the previous data segment to proceed with the next data segment, after successfully capturing the data.

    Figure 2-20 Mortgage Insurance


    Description of Figure 2-20 follows
    Description of "Figure 2-20 Mortgage Insurance"

    Table 2-18 Mortgage Insurance – Field Description

    Field Description
    Insured Amount Displays the mortgage amount that is insured
    Insurance Provider Displays the name of insurance provider.
    Insurance Premium Displays the premium amount of the insurance.
    Insurance Provider Specify the name of the insurance provider.
    Insurance ID Specify the identification number of the insurance policy which is taken against your mortgage.
    Insurance Amount Specify the amount that is insured.
    Insurance Quote/ Premium Specify the insurance premium.
    Lender Stamp Duty Specify the stamp duty amount which lender pays.
    Lender GST Specify the good and services tax amount which lender pays.
    Total Lender Premium

    Displays the total amount of premium. The system populates the value based on following formula,

    Total Lender Premium = Lender Stamp Duty + Lender GST.
    Borrower Stamp Duty Specify the stamp duty amount which borrower pays.
    Borrower GST Specify the good and services tax amount which borrower pays.
    Borrower Premium

    Displays the premium amount that borrower pays. The system populates the value based on following formula,

    Borrower Premium = Insurance Quote/Premium – Total Lender Premium – Borrower Stamp Duty – Borrower GST

    Total Borrower Premium

    Displays the total premium amount of the borrower. The system populates the value based on the following formula:

    Total Borrower Premium = Borrower Premium + Borrower Stamp Duty + Borrower GST

  2. Enter the relevant details.
  3. Click Next to navigate to the next data segment, after successfully capturing the data. The system will validate all mandatory data segments and data fields. If mandatory details are not provided, the system displays an error message for the user to take action. User will not be able to proceed to the next data segment, without capturing the mandatory data.

Parent topic: Application Enrichment Stage