(HPA) Homeowners Protection Act Flashcards
1
Q
HPA Homeowners Protection Act
A
Requires lenders or servicers to provide disclosures concerning “private mortgage insurance” (PMI) on residential mortgages transactions. (Fannie & Freddie)
- Borrower may “request” PMI cancellation at 80% LTV
- PMI is “automatically cancelled” at 78% LTV if the borrower is current.
