Primary Mortgage Insurance Policy

Example Definitions of "Primary Mortgage Insurance Policy"
Primary Mortgage Insurance Policy. A mortgage insurance policy, issued by a private mortgage insurance company having a claims-paying ability rating of AAA or AA from Standard & Poor's (a division of The McGraw-Hill Companies, Inc.) or Fitch Ratings, or Aaa or Aa from Moody's Investors Service, Inc., for claims-paying ability, in form and substance satisfactory to the Seller and insuring the holder of a Mortgage Loan against all or a portion of the loss sustained by reason of a default by a Customer in the payment of principal... and interest thereon, together with all riders and endorsements thereto. View More
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