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#53609 - 01/10/03 05:36 PM Private Mortgage Insurance
Anonymous
Unregistered

Is a lender required in the state of NY to automatically cancel PMI if the LTV reaches 75% regardless of borrower's payment history, i.e., poor payment history? Thanks.

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#53610 - 01/10/03 08:13 PM Re: Private Mortgage Insurance
PatrickG Offline
100 Club
PatrickG
Joined: Jun 2001
Posts: 165
Binghamton, NY, USA
Section 6503(d) of the NYS Insurance Law sets the limit at 75% of the appraised value at the time the loan was made. There is no mention of payment history or other factors. When the loan reaches the 75% mark, the lender can longer collect PMI premiums.

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#53611 - 01/13/03 09:36 PM Re: Private Mortgage Insurance
Anonymous
Unregistered

Thank you for your response. Much appreciated.

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