If PMI coverage on a residential mortgage transaction was not canceled at the borrower’s request or by the automatic termination provision, the servicer must terminate PMI coverage by the first day of the month immediately following the date that is the midpoint of the loan’s

2012年10月1日 · The “PMI Cancellation Act” addresses homeowners’ difficulties in canceling private mortgage insurance (PMI) coverage. It establishes provisions for canceling and terminating PMI, sets disclosure and notification requirements, and requires the return of unearned premiums.

2015年8月4日 · PMI premiums are added to the borrower’s monthly mortgage payment. The Homeowners Protection Act of 1998 was passed by Congress to address borrowers’ difficulties in cancelling PMI when they had reached a certain level of equity in the property.

2015年8月4日 · lenders would terminate PMI coverage when a borrower reached a certain level of equity in the property, other lenders would keep PMI coverage in place for the life of the loan, and borrowers often had trouble determining their lenders’ PMI cancellation standards.

2024年5月24日 · David Petroni petitioned the CFPB requesting Private Mortgage Insurance (PMI) removal criteria be changed to allow homeowners to request the removal or reduction of PMI based on property value.

(i) In general. Except as provided in paragraph (k)(5)(iii) of this section, with respect to a borrower whose mortgage payment is more than 30 days overdue, but who has established an escrow account for the payment for hazard insurance, as defined in § 1024.31, a servicer may not purchase force-placed insurance, as that term is defined in § 1024.37(a), unless a servicer is …

2023年8月28日 · Private mortgage insurance (PMI) is a type of mortgage insurance you might be required to buy if you take out a conventional loan with a down payment of less than 20 percent of the purchase price. PMI protects the lender—not you—if you stop making payments on your loan.

2015年8月4日 · This compliance bulletin explains HPA requirements and describes examples from CFPB’s supervisory experience of PMI cancellation and termination procedures that violate the HPA or create a substantial risk of noncompliance.

2018年3月20日 · For example, if a borrower is current at the time of the escrow analysis and the servicer’s system reflects that charges for private mortgage insurance (PMI) will terminate during the next computation year pursuant to the Homeowners Protection Act, then the servicer must consider the PMI termination date for the escrow account analysis and ...

You have the right to remove PMI for many mortgages, once you have paid down your mortgage to a specified point. Ending PMI reduces your monthly costs.