Takeaways: Borrowers with low down payments must pay for private mortgage insurance (PMI). Lenders don’t always inform their borrowers that their PMI payment plan has ended. A new Tactile Finance website feature allows consumers to calculate when their PMI payment should end on their own. A compliance bulletin recently issued by the Consumer Financial Protection Bureau (CFPB) directing mortgage servicers on the proper way to charge homeowners for private mortgage insurance (PMI) has provided a new opportunity for Tactile Finance, a Web-based technology company that provides homeowners with a “360-degree view†of their mortgages. Although most homebuyers are advised to make a 20 percent down payment on their home purchase, some loan programs allow them to make a smaller …
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