Refundable and Nonrefundable Premiums

• Refundable premiums
  If coverage is cancelled at loan payoff, a refund is provided, based on the refund schedule that was in place when insurance was issued. The refund is passed on to the borrower from the lender.
• Nonrefundable premiums
  The premiums are offered at a slightly reduced rate. In accordance with the Homeowners Protection Act of 1998, if coverage is cancelled or terminated on a loan with nonrefundable mortgage insurance, a pro rata refund is provided for loans closed on or after July 29, 1999. No refund is provided for loans closed prior to that date.

Open and view printable One-Time MI refund schedules.