HPA Flashcards

1
Q

What does HPA stand for?

A

Homeowners Protection Act

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2
Q

What’s the purpose of HPA?

A

to facilitate the cancellation of PMI on residential mortgage transactions

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3
Q

Types of loans HPA does NOT apply to?

A

Government insured FHA or VA Loans

Loans protected by PMI paid by the lender

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4
Q

HPA describes High-Risk Loans as:

A

Conforming loans that Fannie/Freddie identify as high-risk

Non-conforming loans that lenders identify as high-risk

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