SECTION 330:10-9-1. Mortgage insurer

  As of the closing date for a mortgage loan not FHA insured or VA-guaranteed, such mortgage loan shall be less than 80% of the lesser of the purchase price or appraised value or be privately insured under an acceptable Mortgage Guaranty Insurance Policy in an amount so that the uninsured portion of such mortgage loan does not exceed 72% of the lesser of the purchase price or the initial appraised value of such property, which insurance will be maintained until the outstanding principal amount of the mortgage loan is 72% or less of the purchase price or original appraised value of the property, whichever is less; and in the case of a FHA-insured or VA-guaranteed mortgage loan, the unguaranteed portion of the mortgage loan shall not exceed 75% of the lesser of the purchase price or the initial appraised value. If a mortgage loan is required to have private mortgage insurance under terms and conditions of the program, it will be with an insurer to be selected from a list of insurers to be determined by the Agency. The cost of such policy will be paid by the mortgagor.