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| Mortgage Indemnity Guarantee Premium (MIG) This is a one off fee that the client pays the lender for higher risk mortgages (this can normally be added to the mortgage advance amount). This may also be called Higher Loan Fee (HLF) and High Percentage Advance (HPA). Mortgage Payment Protection Insurance (MPPI) This is an insurance policy, which pays an income if you are unable to work for an extended period. Some plans cover against unemployment / redundancy and for the self employed, the “unemployment / redundancy” aspect may be replaced with “hospitalisation” cover. Also known as Accident, Sickness and Unemployment (ASU) cover. Mortgage Sourcing System An electronic platform that can be installed on to any computer and used to obtain mortgage product quotations and illustrations. Mortgagee The lender. Mortgagor The borrower. |