Are there any requirements for cancelling PMI on a borrower's second home? Can we require PMI for the life of the loan?

I understand that Homeowners Protection Act only covers a primary residence but cannot find any other Act or Reg. that details the requirements for second homes.

Thanks in advance for your help!

You will have to look to state law. There are no Federal laws that require the automatic cancellation of PMI other then for the primary residence.

If this is a conforming loan sold to Fannie/Freddie or if you have otherwise chosen to conform to Fannie/Freddie serving guideliens, both the GSEs (almost typed GFEs!) have rules for cancelling PMI on second homes which you'll want to follow.

Don't have a link, but it's Fannie Accouncement 99-06. There's an attachment with that, plus there was an update #01-02.

Good luck.