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Date Posted: 11:57:25 06/08/07 Fri
Author: Lawshark
Subject: You're right
In reply to: Lawshark 's message, "I'll try to look it up tomorrow..." on 18:52:45 06/07/07 Thu

http://www.frbsf.org/publications/consumer/pmi.html#hpa

This is the Fed Reserve out in San Fran...but it has the info you need.

Here's the portion of the website:

Automatic Termination

Under HPA, mortgage lenders or servicers must automatically cancel PMI coverage on most loans, once you pay down your mortgage to 78 percent of the value if you are current on your loan. If the loan is delinquent on the date of automatic termination, the lender must terminate the coverage as soon thereafter as the loan becomes current. Lenders must terminate the coverage within 30 days of cancellation or the automatic termination date, and are not permitted to require PMI premiums after this date. Any unearned premiums must be returned to you within 45 days of the cancellation or termination date.

For high risk loans, mortgage lenders or servicers are required to automatically cancel PMI coverage once the mortgage is paid down to 77 percent of the original value of the property, provided you are current on your loan.

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Replies:

  • speaking of raspberry danish -- bfny, 15:25:11 06/14/07 Thu
  • We did that? -- suzi, 19:12:35 06/15/07 Fri
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