In this episode of CMB Connect, I interview Lynn Crutchfield, Director of Sales Operations at Essent. We discuss the critical role of Private Mortgage Insurance (PMI) in facilitating home ownership and supporting lenders. Our conversation covers the definition of PMI, its regulatory landscape, types of PMI, how premiums are calculated, strategic uses of PMI in lending, career opportunities in the PMI sector, and emerging trends in technology affecting the industry.
Chapters
00:00 Introduction to Private Mortgage Insurance
03:10 Lyn Crutchfield's Journey in Mortgage Banking
05:35 Understanding Private Mortgage Insurance (PMI)
08:09 Regulations Governing Private Mortgage Insurance
11:15 Impact of PMI Regulations on Lenders
12:48 Types of Private Mortgage Insurance Premiums
15:31 Cancellation of Private Mortgage Insurance
17:54 Factors Influencing PMI Coverage Decisions
18:36 Calculating PMI Premiums
20:41 Understanding Risk-Based Pricing in PMI
22:31 Borrower-Paid vs. Lender-Paid PMI Options
25:02 PMI as a Sales Tool in High-Interest Environments
29:52 Navigating Regulatory Changes in PMI
32:53 Career Opportunities in Private Mortgage Insurance
36:37 Emerging Trends and Technologies in PMI
41:06 Outro/End
Note: The best source of specific information about PMI is the PMI account executive.
Here are some sources of industry wide information about PMI.
Fannie Mae's PMIERS: https://singlefamily.fanniemae.com/media/39791/display
Freddie Mac's PMIERS:
https://sf.freddiemac.com/general/private-mortgage-insurer-eligibility-requirements-pmiers
CFPB on PMI Cancellation: https://files.consumerfinance.gov/f/documents/102012_cfpb_homeowners-protection-act-hpa-pmi-cancellation-act_procedures.pdf
More About Essent:
https://www.essent.us/about-essent
