Mortgage Dictionary
A guide to mortgage and real estate terminology
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New Definitions |
| Mortgage Insurance Certificate (MIC) |
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A certificate is issued by HUD/FHA as supporting evidence that a mortgage has been insured, and that a mortgage insurance contract exists between HUD/FHA and the lender incorporating the HUD/FHA regulations as identified in the MI certificate.
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Additional comments :
More recently HUD has started issuing electronic certificates instead of paper. With mortgages bought and sold with greater frequency, documentation has become more cumbersome, especially in the case of record updates and document replacement.
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