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PMI Notice for Second Home

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Question: 
A PMI disclosure is not required for a second home. However, our secondary market guidelines state that a disclosure is to be given with a loan which has PMI. It doesn't state whether it is a first or second home. Our LOS will not produce a disclosure, stating that it is a second home. How would the customer know when they can cancel the PMI if they are not given a notice?
Answer: 

Talk to your secondary market investor, but you are not required to cancel PMI under the Federal regulation on anything except a principal residence.

12 USC §4901(14) and (15))

First published on 09/05/2021

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