Homeowner's Protection Act (HPA)

Question 1

HPA stands for _______.

Answer 1

Homeowner’s Protection Act

Question 2

The Homeowner’s Protection Act (HPA) requires lenders to cancel the PMI when the LTV reaches ______________.

Answer 2

78% of the original purchase price

Question 3

Under the HPA, Borrowers can request a cancellation when their _________, which will usually be granted if they have a good payment history.

Answer 3

LTV reaches 80%

Question 4

HPA does not apply to __________.

Answer 4

FHA loans. FHA loans have MIP, not PMI.