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#16663 - 05/01/02 06:42 PM Homeowners Protection Act of 1998 (PMI)
Anonymous
Unregistered

As part of the requirement for this law, we are required to give the borrower a full amortization schedule of his or her loan to illustrate when the PMI can potentially be removed.

Are we required to keep a copy of this schedule in the loan file? I am having trouble finding the recordkeeping requirements for this law.

Thanks for your help!


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#16664 - 05/01/02 08:05 PM Re: Homeowners Protection Act of 1998 (PMI)
Bartman Offline
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Bartman
Joined: Oct 2000
Posts: 1,191
Springfield
Susie - I don't recall a requirement to retain a copy in the file, as long as one can be reproduced. However, when we established our procedures for this, I recommended we run a copy for the customer and a copy for the file - we're still doing that.
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