Re: If your mortgage company goes bankrupt, you could lose your house
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nope, its usually not required by the lender in higher down payment scenarios. Its much more common in 100% financing or stated income type scenarios. I have had 3 different home loans and never had impounds. I just got my first loan that had impounds on an investment property I bought, and the only reason is that I had two lenders close their doors and had it was too late to switch again when I saw that there were impounds. It can affect your rate or the rebate your mortgage broker gets. So its worth asking about. If you can save 1/8% on your rate by having impounds then it might be worth it.
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Looks like you're right - as long as LTV <= 80, most lenders waive escrow requirements, though a lot of people don't take that waiver.
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