HPA – Are there exclusions to PMI cancellation and termination provisions for non-high risk residential mortgage transactions?

Compliance > Homeowners Protection Act
Q:  Are there exclusions to PMI cancellation and termination provisions for non-high risk residential mortgage transactions? 
 
A:    The Act’s cancellation and termination provisions do not ap­ply to residential mortgage transactions for which Lender Paid Mortgage Insurance (LPMI) is required (12 USC §4905(b)).
 
 
This Q&A was based on information contained in the FDIC’s Compliance Examination Manual for Homeowner’s Protection Act – September 2015, which may be found here:  https://www.fdic.gov/regulations/compliance/manual/5/v-5.1.pdf
 

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