Introduction to Lenders Mortgage Insurance

In Australia where the LVR is more than 80% for a mortgage loan it is a common practice to have the risk for the additional amount covered through the lenders mortgage insurance with the premium covered by the borrower. This module facilitates the storing insurance policy details in Temenos Transact and linking of the policy to mortgage loans.

This module also allows banks to update the details of the Lenders Mortgage Insurance (LMI) policies, to change or remove LMI policy to loan associations.

With this functionality banks will also be able to generate the output reports, to display the policy association and also to include the Insurance Status Information.

The following items has been introduced with this functionality:

• The AULMOI.POLICY.DETAILS ,INPUT version has been created to allow users to input the insurance details.
• The AULMOI.POLICY.DETAILS.NAU enquiry has been created to allow users to authorize or delete the details of an insurance.
• The AULMOI.POLICY.DETAILS.AMEND has been created to allow users to view, edit, and delete an insurance.
• The AULMOI.POLICY.ASSOCIATION nofile enquiry has been created to provide a report of all the Policies that are linked to Arrangements.
• The AULMOI.POLICY.DETAILS enquiry has been created to display an overview of the policies.