Course length: Approximately 30 minutes
Examine the requirements placed on lenders and servicers of mortgage loans regarding cancelation of private mortgage insurance (PMI) through examination of the purpose and scope of the Homeowners Protection Act (HPA). The course will distinguish between the requirements for conforming and non-conforming mortgages, high risk and non-high risk mortgages, and adjustable rate and fixed rate mortgages regarding PMI cancellation options and PMI disclosure requirements.
Course objectives include:
• List options for removing borrower-paid PMI
• Distinguish between Fannie Mae/Freddie Mac high risk loans and lender-defined high risk loans
• Identify differences in disclosures for an adjustable rate mortgage and a fixed rate mortgage
• Identify the timeframes for the required disclosures
• Recognize termination options for lender-paid PMI
• Discuss CFPB Examination Considerations relating to HPA
More detailed course information is available at: https://www.icemortgagetechnology.com/education/courses/homeowners-protection-act-hpa
Last Updated 12/2018.
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