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Lenders can now include Home Payment Protection ('HPP') with select mortgage products. HPP protects servicers against default when borrowers face a hardship and are unable to make their monthly payment. HPP is available for owner-occupied single-family mortgages.
HPP provides up to 3 full months of payment protection when customers are unable to make their monthly mortgage payments. Applied Assurance offers servicers relief in case of customer default. HPP reduces default risks due to customer hardships keeping on-time payment history intact.
HPP also protects borrowers.
HOW DOES IT WORK?
Housing payment protection for single-family mortgages
Premiums may be included as a qualified closing cost
Market as a benefit
Customer pays only 50% of the regular payment, you are covered for
Default insurance for up to 3 monthly payments for every 3 year term
Protects against servicing advances in case of default