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• Personal loss, divorce, illness, disability, inability to manage personal debt
• Economic loss, job loss, decline in earnings, property depreciation
• Catastrophic loss, local, regional, or national recession or depression

You must notify PMI once two payments have been missed, or when foreclosure or other appropriate proceedings have commenced.

A Notice of Default may be filed through Automated Delinquency Reporting (ADR) or through the e-PMI^® Servicing website. For information regarding how to sign up for ADR or e-PMI, please contact us.

Claims can be filed through one of several methods, including EDI transmission, or via the Internet through our secure e-PMI channel on the PMI website, or fax. Both EDI and e-PMI allow for efficient filing of your Claim directly into PMI's Claims Processing system.

The Claim should be filed within 60 days of the transfer of title, which would include foreclosure or third-party sale.

Your PMI Claims Representative will confirm and verify the coverage is in force and request all additional documents necessary to process the Claim within 20 days of receipt. Upon receipt of all required documents, PMI will review and finalize the Claim. Claim payments are typically scheduled within 60 days from the Claim received date plus the total number of days it took to receive required documentation.

A Claim settlement may be delayed if PMI has not received the documents required to settle the Claim for payment. Our Claims Representative will follow up to request the missing documents.

The five documents required for every Claims submission are:

• Collection Notes
• Loss Mitigation Notes
• Attorney Foreclosure Chronology
• Payment History
• Current BPO or Appraisal

If additional documents are required, the Claims Representative will contact the servicer for additional information.

Examples of the most common claimable expenses include the following:

• Accumulated delinquent interest
• Preservation costs
• Property taxes
• Hazard insurance premiums
• Attorney's fees
• Foreclosure/Court costs
• BPO/Appraisal costs

Examples of the most common non-claimable expenses include the following:

• Judgments or liens
• Late charges
• Homeowner Association penalties
• Tax penalties

Depending on the Master Policy applicable to the Loan, the following Claim settlement options may apply:

• Percentage Option: An amount equal to the approved claim amount multiplied by the percentage of coverage specified on the certificate, adjusted by any policy conditions or coverage options as specified on the certificate.
  
  
• Pre-Arranged Sale: An amount equal to the lesser of the percentage option or the insured's actual loss in connection with a sale of the property. The insured's actual loss is equal to the Claim amount, plus all reasonable costs incurred in obtaining and closing the sale, less the proceeds from the sale.
  
  
• Acquisition Option: An amount equal to the approved Claim amount, less the amount of any payments of loss previously made by PMI with respect to the loan, in exchange for the good and merchantable title to and possession of the property.
  
  

Fraud is defined as dishonest, criminal or knowingly wrongful acts of material misrepresentation. These include:

• Misrepresented employment
• Misrepresented down payment
• False verification of deposit or hidden 2nd
• Straw buyer
• Undisclosed debt
• Hidden bad credit/false social security number
• False lease/rental agreement
• Non-owner occupied investment property

Please contact a PMI Claims representative for any questions on allowable expenses.