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