Possibly the dumbest question ever - PMI

Where are the rules for PMI?.....automatic discontinue when 80% is reached.....discontinue by request at 78%.....or something like that.

And you can ask it better than anybody I know!*

Homeowners Protection Act.
















*I hope you get the 80's sitcom reference!

Here's a link to HPA:

http://www.federalreserve.gov/boarddocs/caletters/2004/0405/CA04-5Attach1.pdf

Thanks to you both!!! I try to ask questions in unique ways.......

Soooooooooo, does the HPA cover only PMI or does it also cover MIP? If not, where are the rules for MIP? Sorry I'm so ignorant about this.

You need to review the Homeowners Protection act Of 1998.

I have a link to it through AllRegs but you need a subscription to access it.

HOPA covers Private Mortgage Insurance. The Mortgage Insurance through FHA, Rural Housing, & VA are not covered. Here's the definitions from section 4901:

(8)Mortgage insurance
The term "mortgage insurance" means insurance, including any mortgage guaranty insurance, against the nonpayment of, or default on, an individual mortgage or loan involved in a residential mortgage transaction.

(13)Private mortgage insurance
The term "private mortgage insurance" means mortgage insurance other than mortgage insurance made available under the National Housing Act [12 U.S.C. 1701 et seq.], title 38, or title V of the Housing Act of 1949 [42 U.S.C. 1471 et seq.].

Thank you, Dan. I found that section in HOPA. So for FHA MIP, are there any disclosures required, or amortization schedule? And I guess there are no termination rules either?

None of the HOPA disclosures, cancellation or termination rules apply to those loans.

Yippie!!.....'cause there ain't anything in the file. I thought I had some violations. Now, I know I don't AND I've been educated!! Thanks, Mr. D.