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Is monthly pmi used to calculate APR?

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rshardy Joined: 30 Sep 2009 Posts: 1 1.30 Dollars($)	Posted: Wed Sep 30, 2009 11:34 am    Post subject: Is monthly pmi used to calculate APR? Like 0 Dislike 0 We just got hit with a MDIA problem (.28 higher than initial disclosure) and halted a closing due to LO not putting monthly pmi into TIL. Monthly MI was disclosed thorught 1003 and GFE. no lump sum and prepaids. On the mortgage calculators, (including this site), why does it not ask for monthly pmi if it affects APR? Are none of the calculators correct, or is monthly mi not an APR cost?
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1256 Location: River Edge, New Jersey 264.15 Dollars($)	Posted: Wed Sep 30, 2009 3:05 pm    Post subject: MI Like 0 Dislike 0 Monthly MI is included in the calculation of the APR. Sounds like the original Truth in Lending document did not properly include it. While the original was incorrect, someone, underwriter or processor or?? should have caught the error well before closing date. Redisclosing should delay closing by 3 business days. Unfortunate and not your fault, but, MDIA is MDIA for your protection and in this case you are paying for the professionals mistake _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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