HPA Flashcards
1
Q
What does HPA stand for?
A
Homeowners Protection Act
2
Q
What’s the purpose of HPA?
A
to facilitate the cancellation of PMI on residential mortgage transactions
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
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