private mortgage insurance can be canceled. In fact, by law, borrowers can apply for cancellation once the equity they have in their homes reaches 20 percent of the original value. Once you reach 22.
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The federal statute governing PMI termination is the HPA, contained at 12 U.S.C.A 4900-4910 (West 2001). section 4902(b) thereof requires the automatic termination of PMI on the "termination date" of the mortgage. Section 4901(18) defines "termination date" as follows: 18) Termination date
Also, automatic PMI cancellation is only available on mortgages that were originated after the Homeowner Protection Act took effect in 1999. For certain mortgages designated by Fannie Mae or Freddie Mac as "high risk," the loan balance must fall to 77 percent to qualify for automatic PMI cancellation.
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PMI is terminated (or that termination will occur when the borrower becomes current on payments). That there are exemptions to the cancellation and automatic-termination Notprovisions for high-risk mortgages, and whether such exemptions apply to the borrower’s loan Initial Disclosures for High-Risk
RISMedia, June 3, 2011-When it comes to private mortgage insurance (MI), there are several myths that. or take longer to cancel, than MI. HPA Makes Cancellation Clearer When it went into effect as.
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Under the Homeowners Protection Act The Homeowners Protection Act (HoPA) of 1998 established rules for both automatic termination and borrower cancellation of borrower-paid private mortgage insurance (BPMI) on certain home mortgages. The HoPA requires that BPMI be cancelled when a borrower has built up a certain amount of equity in their home.
I’m speaking of private mortgage insurance, the subject of recent and pending legislation. Alfonse D’Amato, R-N.Y., has an even better proposal: automatic cancellation when your loan gets down to.
or the PMI Act, allows for automatic cancellation of PMI when you pay your balance down to 78 percent of the original amount. Under the Act, you can also request permission to cancel pmi payments once.
Automatic Termination. If you meet the eligibility criteria, your PMI must – with certain exceptions – be terminated automatically when you reach 22 percent equity in your home (based on the original purchase price or on the appraised value of your home at the time the loan was obtained, whichever is less), if your mortgage payments are current.