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Comparable to other type of mortgage insurance plan, PMI safeguards the lending institution if you stop making payments on your mortgage. PMI can be organized by the lending institution and also given by personal insurance companies. Private mortgage insurance (PMI) is a sort of mortgage insurance a customer might be required to purchase as a condition of a standard home loan. Like other kinds of mortgage insurance, PMI shields the lending institution, not the consumer. The loan provider sets up PMI and also offered by personal insurance provider.