Homeowner Protection Act (PMI Act)

Homeowner Protection Act (PMI Act)

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Description

This is a policy guide to comply with the Homeowner Protection Act (PMI Act) for mortgage lenders and mortgage servicers. This a separate policy guide. Once purchased this guide will be customized to your specifications. You will receive an immediate invoice receipt with a download link to a questionnaire with some simple questions to answer and receive your customized guide within 24-48 hours. This is written for independent mortgage bankers but can be customized for depository financial institutions and credit unions. 

Table of Contents

HOMEOWNER PROTECTION ACT POLICY (PMI ACT)

  • PURPOSE
  • SCOPE

PMI ACT OVERVIEW

  • PMI Act Applicability
  • Borrower Cancellation of PMI
  • Automatic Termination
  • Final Termination Date
  • Unearned Premiums
  • High Risk Loans
  • No Future Payments

PMI DISCLOSURES

STATE SPECIFIC DISCLOSURES (INITIAL DISCLOSURES)

DISCLOSURE REQUIREMENTS WHEN WE ARE PAYING THE MORTGAGE INSURANCE (AT COMMITMENT)

  • Notice at Termination Date

INITIAL DISCLOSURE (AT CONSUMMATION)

  • Initial Disclosures for Fixed-Rate Residential Mortgages
  • Initial Disclosures for Adjustable-Rate Residential Mortgages
  • Initial Disclosures for High-Risk Residential Mortgages

ANNUAL DISCLOSURES

NOTIFICATION UPON CANCELLATION OR TERMINATION

APPENDIX A (DEFINITIONS)

  • Borrower-Paid Mortgage Insurance (BPMI)
  • Cancellation Date
  • Good Payment History
  • Initial Amortization Schedule
  • Amortization Schedule Then in Effect
  • Lender-Paid Mortgage Insurance (LPMI)
  • Loan Commitment
  • Midpoint of the Amortization Period
  • Original Value
  • Refinancing