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Voluntary Mortgage Life Insurance

Home Forums Real Estate Settlement Procedures Act/ Regulation X Voluntary Mortgage Life Insurance

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  • #2407
    cbg7811
    Participant

    Is Mortgage Life Insurance that is voluntary not disclosed at all on the Good Faith Estimate and does
    it disclose in the 900 series on the HUD or just as a disbursement in the 1500 series? Since we have only one company
    that writes the insurance and it is voluntary, do we need to give the customer the list of providers?

    Thanks.

    #2770
    jholzknecht
    Keymaster

    Voluntary Mortgage Life Insurance does not appear on the GFE and need not appear on the list of providers. The instructions for the HUD-1 state, “Lines 904 and additional sequentially numbered lines are used to list additional items required by the Lender (except for reserves collected by the Lender and recorded in the 1000-series), including premiums for flood or other insurance. These lines are also used to list amounts paid at settlement for insurance not required by the Lender.”

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