MIP is mortgage insurance required for Federal Housing Administration (FHA) insured loans.  When closing on a home using an FHA loan, all debtors are subjected to an upfront charge of the MIP in a percentage amount of the sales price of the home.  An additional insurance premium is calculated into the monthly payment on an FHA loan and is calculated based on a percentage amount of the annual premium charged at closing.  This monthly fee is held in an escrow account with the Department of Housing and Urban Development (HUD) in the debtor’s name.  For more information on MIP requirements, you can visit the HUD website.  You may also check their website under “does HUD owe you a refund” to see if you may be eligible for a refund on your MIP if you had an FHA-insured mortgage.