LPMI and PMI?

[cander38]

My wife and I bought a house in 2007 and have been paying PMI since the original purchase. We have not refinanced. I was looking through our loan documents and included in the documents is a signed "Lender-Paid Mortgage Insurance Initial Disclosure" that states we "applied for a loan with lender-paid mortgage insurance". The letter goes on to explain the differences in LPMI and BPMI. I can find no other information in our loan documents about LPMI, but in some places when our total monthly payment is broken down PMI is included and in other places it is not.

My concern is that we have a loan with LPMI (which comes with a slightly higher interest rate), but have still been paying PMI.

Does the LPMI Initial Disclosure mean we actually have a loan with LPMI?

When I call our loan servicer I am just told that we are required to pay PMI, but they don't have an explanation for the LPMI Disclosure From.

 

[FlyingRon]

The documents that matter are your mortgage closing document and the GFE/TILA disclosure. You may have picked up a number of disclosures that may not apply to your particular situation.

 

[cander38]

Thanks! I'll take a look at those documents. We are planning on refinancing, but before we do, I want to make sure we were not overpaying all these years!