Home
Servicers
Servicing
Refinance Certificate Change

Refinance Certificate Change

Refinance Certificate Options Available

  • Current Value must have declined from the Original Value such that both of the following two LTV thresholds are met:
    • 3% LTV Threshold: The Minimum LTV in the Servicing Guide must be exceeded by at least 3%; and
    • $5,000 LTV Threshold: The Minimum LTV in the Servicing Guide must be exceeded by an amount of at least $5,000

  • Current Value must have declined from the Original Value such that both of the following two LTV thresholds are met:
    • 3% LTV Threshold: The Minimum LTV in the Servicing Guide must be exceeded by at least 3%; and
    • $5,000 LTV Threshold: The Minimum LTV in the Servicing Guide must be exceeded by an amount of at least $5,000

Documentation Requirements

Depending upon the MI submission path, submit the following relevant documents:

  • Completed & Signed National MI High LTV Relief Refinance Certificate Change Request Form
  • Loan Payment History of Existing Loan (may be documented via current credit report)
  • Copy of Original Note on Existing Loan
  • New Loan Application (Form 1003)
  • New Transmittal Underwriting Summary (Form 1008 – or lender’s equivalent underwriting analysis or underwriting summary form)
  • AUS final reports (DU Findings/LPA Feedback, if applicable)
  • Current Credit Report on all Borrowers
  • Current Employment/Income (for at least one borrower provide VVOE, non-employment income documentation (if applicable), or Recent Financial Statement with 12 Months Reserves; additional documentation required if new P&I payment increasing >= 20% or if the ex-spouse borrower is being removed from the new refinance loan
  • Current Assets (provide if new P&I payment increasing >= 20% or if the ex-spouse borrower is being removed from the Note on the new refinance loan)
  • Current Property Valuation documentation (New Full Appraisal)
  • Other Documents, as applicable

Submission Process for National MI’s Refinance Certificate Change Program

  • National MI allows the following MI submission options:
  • Please do not cancel or terminate the National MI Certificate on the existing loan.
  • Once National MI has received and reviewed the documents, we will provide the submitting lender with a notification.
  • Within approximately 10 business days of receiving a complete and accurate MI submission, eligible loans will receive an interim replacement National MI Commitment with the same National MI certificate number.

Quick links to important resources

Please direct questions to: