Federal Law.pdf

102012_cfpb_homeowners-protection-act-hpa-pmi-cancellation-act_procedures.pdf
Preview of Federal law
🔗 Source: files.consumerfinance.gov
📊 Size: 149 KB
👤 Author: OTS
⬇️ Downloads: 159

Summary

The Homeowners Protection Act of 1998 (HPA) was signed into law on July 29, 1998, and became effective on July 29, 1999. The Act addresses difficulties in canceling private mortgage insurance (PMI) and establishes provisions for canceling and terminating PMI, sets disclosure and notification requirements, and requires the return of unearned premiums. The Act applies to residential mortgage transactions consummated on or after July 29, 1999, and includes provisions for annual written disclosures. A borrower may initiate cancellation of PMI coverage by submitting a written request to the servicer when the principal balance of the loan reaches 80 percent of the original value. The Act also requires automatic termination of PMI when the principal balance of the mortgage is first scheduled to reach 78 percent of the original value of the secured property.

Description

The Homeowners Protection Act of 1998 (HPA) was signed into law on July 29, 1998, and became effective on July 29, 1999.

Technical Information

  • File Format: PDF
  • File Size: 149 KB
  • Pages: 20
  • Language: EN
  • Author: OTS
  • Total Downloads: 159
  • Last Updated: 4 days ago

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