Scenario 1 You are a licensed MLO and Jamie Fernandez has come to your office looking for a mortgage loan. After taking his application, you find out the following: His gross monthly income is unpredictable because Jamie is a freelance video editor, but he estimates that his average gross monthly income is $3,200. He tells you his credit score is "almost 600," because of some credit cards he took out when he was in college, but he swears he is paying off the debt and is a great borrower. You will need to confirm what his credit score is. The address of the property he would like to purchase. The asking price of the house is $289,000. Jamie tells you he is able to put down $40,000 and is seeking a loan for $249,000. Jamie really likes the house and the neighborhood and is planning to retire there. He tells you he does not plan to sell in the near future. Will Jamie have to pay for mortgage insurance (PMI/MIP)? Why or why not