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CFPB Issues Compliance Bulletin on PMI Cancellation and. – The CFPB recently issued compliance bulletin 2015-03, addressing the cancellation and termination requirements for private mortgage insurance (PMI) under the Homeowners Protection Act of 1998 (HPA).We note that this Bulletin does not provide much in the way of novel interpretation or expected best practices.

PDF Private Mortgage Insurance Disclosures – PRIVATE MORTGAGE INSURANCE DISCLOSURES AND DOCUMENTS The federal homeowners protection Act of 1998 1 ("HPA") requires automatic termination of private mortgage insurance ("PMI") and borrower-initiated cancellations for certain mortgages closed on or after July 29, 1999. HPA also requires new notices from a lender to a borrower. I. COVERAGE

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DFI: Private Mortgage Insurance (PMI) – – Upon cancellation or termination of PMI, the mortgage holder / servicer must notify the borrower in writing (not later than 30 days after the cancellation or termination date) that: PMI has terminated and the borrower no longer has PMI; and no further premiums, payments, or other fees shall be due or payable by the borrower in connection with PMI.

B-8.1-04: Termination of Conventional Mortgage Insurance (12/12. – a mortgage loan is eligible for automatic termination of MI based on the scheduled termination date (or the mid-point of the amortization period, as applicable),

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Vendors Offering QM Products; QM’s Impact on MI, Investor Updates – And they seem to be aware to include PMI considerations, bona fide discount points. as long as it is refundable on a pro rata basis and the refund is automatic (i.e., no action required on the.

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PDF 71-41599 HOPA Brochure (03/13) – MGIC – automatically terminated on the termination date it must be terminated: on the day immediately following the date that is the midpoint of the loan’s amortization period; AND IF on that date the borrower is current on the payments required by the terms of the mortgage. Borrower-Requested Cancellation Not applicable. Automatic Termination

12 U.S. Code 4902 – Termination of private mortgage insurance. – (b) Automatic terminationA requirement for private mortgage insurance in connection with a residential mortgage transaction shall terminate with respect to .

PDF Homeowners Protection Act – There is no provision in the automatic termination section of the Act, as there is with the borrower-requested pmi cancella tion section, that protects the lender against declines in proper ty value or subordinate liens.

How To Get Rid Of PMI – Private Mortgage Insurance | – “Once the borrower has a sufficient equity cushion, the PMI will be removed.”. equity, your lender is required to automatically eliminate PMI.