Confirmation of eligibility will be determined by the MassHousing Mortgage Insurance Fund (the “Fund”) in its sole discretion. Co-signers, guarantors or other obligors on the insured mortgage loan are not eligible for MIPlus™ benefits. “Unemployed” for purposes of determining eligibility for MIPlus™ benefits means qualified to receive unemployment benefits from the DUA.
The Mortgage Insurance Fund’s obligations pursuant to my MIPlus™ benefit endorsement are limited to payment to the lender of a monthly amount not to exceed the principal and interest portion of my regular monthly payment, or $4,000 ($2,000 for loans that were approved for mortgage insurance before July 1, 2024), whichever is less, for a period not to exceed six (6) months. The MIPlus™ benefit may be paid over six consecutive months, or on separate occasions of one or more monthly periods, but the MIPlus™ benefit shall in no case exceed a total of six monthly payments.
In the event a fraudulent MIPlus™ claim is discovered subsequent to disbursement of MIPlus™ benefits having been paid by the Mortgage Insurance Fund to the Lender, the Mortgage Insurance Fund reserves the right to seek refund of payments directly from the Lender and the Lender will reverse all transactions applied subsequent to the receipt of MIPlus™ benefit payments. Late fees may be assessed against the borrower accordingly.
During the period that any MIPlus™ claim benefit is being processed, the borrower will remain obligated to remit full monthly mortgage payments to their servicer as they become due.
Only in rare circumstances will the MIPlus™ benefit be sufficient to satisfy the borrower’s entire monthly mortgage obligation. The borrower will likely need to pay a portion of such obligation during any period of unemployment in order for a full monthly mortgage payment to be recorded as fully paid by Lender.
Payment of MIPlus™ benefits by the Mortgage Insurance Fund to the Lender on behalf of the borrower will be reported annually to the borrower and the IRS using an IRS-1099-misc statement, and the payment of any MIPlus™ benefit on behalf of the borrower will not result in any adjustment to the IRS-1098-INT statement that will be issued by the Lender.
Benefit will be limited for co-borrowers to their pro-rata portion of a regular monthly payment, based on their respective share of income as used in underwriting the insured loan.
In the case of the co-borrower whose income constituted less than ten percent of the total income used to underwrite the loan, no MIPlus™ benefits shall be payable to the Lender on behalf of such co-borrower.
The Mortgage Insurance Fund’s obligation to pay MIPlus™ benefits extends only to loans for which the Lender has in effect a valid primary mortgage insurance policy written by the Mortgage Insurance Fund. Upon cancellation or termination of such mortgage insurance, the MIPlus™ benefit for the loan shall automatically terminate.
The Mortgage Insurance Fund is the sole obligor for the payment of MIPlus™ benefits. Any failure of the Mortgage Insurance Fund shall not impose any obligation for payment of MIPlus™ benefits on any other party.
