WHAT IS AN MPP FORM? aka Manulife Mortgage Protection Form
This is optional Mortgage Insurance coverage. It provides a Borrower additional Insurance, Life and Disability if something happens to them during the course of the Mortgage.
Life Insurance Coverage – if a Borrower passes away, the Mortgage is paid out
Disability Insurance Coverage – if a Borrower becomes Long-Term disabled, their Mortgage Payments are made for them.
When a Client obtains a Mortgage, we are obligated to provide them with the option of MPP Insurance.
We must provide them with an MPP Form with the Lender’s Approval Documents that they are required to sign indicating they “WAIVE” or “APPLY” for the Insurance.
This is a Compliance and Auditing requirement under Mortgage Brokers.
The MPP Form and Premium Amounts are auto-populated from D&H Expert.