2.3.2 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 Mortgage Insurance"

   
   

   Table 2-21 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.