Finance
What does PMI (Private Mortgage Insurance) protect in a South Carolina home loan?
AThe borrower against job loss
BThe lender against borrower default✓ Correct
CThe property against physical damage
DThe title against defects
Explanation
PMI protects the lender (not the borrower) against losses if the borrower defaults. It is typically required when the down payment is less than 20% of the purchase price.
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