Mortgage Insurance companies have come under fire in recent months for allowing borrowers to continue paying for insurance way after the need for there insurance policy has passed.  Most Americans do not know that these policies can be voided after the properties equity reaches a certain point of the home value.  Under New York law borrowers may have there private mortgage insurance canceled once there equity reaches 25 percent.

The problem is borrowers are never told or do not realize that the mortgage insurance is no longer necessary.  Most people just don’t know that they can just opt out.  Mr. D’Amato, who is the chairman of the Senate Committee on Banking, Housing and Urban Affairs, introduced legislation that would require lenders to advise there borrowers of there right to be able to cancel there PMI Insurance once they there equity reaches 20 percent.  This proposal comes on the the the heels that Fannie Mae, the nations largest lender of homoe mortages, will soon be amending its guidelines regarding private mortgage insurance.

Being a People Person

I always believed in the philosophy if you are going to sell something you have to believe in what your selling and understand how it actually helps people.  I was not a good salesman when it came to selling products that were truly pointless products but when it came to selling something that made people’s life better or more comfortable I was great.  If you love people and understand the benefits of mortgage protection insurance and mortgage disability insurance you might be great at this type of job.  You actually get to sell something that protects your customers and takes out some of the fears of death and disability.

How Much Can I Make

Selling mortgage protection insurance can be a very profitable career but the real truth is how good of a salesman are you.  Some salesman can make over $250,000.00 a year while other are at $25,000.00 a year.  How is that possible?  Well residual income is one reason why there can be such a large discrepancy.  One of the large benefits of selling insurance is when you lock in a new customer you get a percentage of the sale but you can also receive residual income as the person renews the policy every year.  So for instance customer A gets a one year policy.  You sign up 500 people for the year on a certain policy.  When the beginning of year two comes around you have 500 people ready to renew and that does not include the new 500 customers you will be trying to sell insurance too.  This can be a domino effect and after 4-5 years you could be raking in the cash.  Selling mortgage protection insurance can be a lucrative career if you believe in selling something that actually helps people.