Transcription of Homeowners Protection Act
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Homeowners Protection Act
Homeowners Protection ActBackgroundThe Homeowners Protection Act of 1998 becameeffective in July 1999. The act, also known as thePMI cancellation Act, addresses the difficultieshomeowners have experienced in canceling pri-vate mortgage insurance (PMI) coverage. It estab-lishes provisions for the cancellation and termina-tion of PMI,1sets forth disclosure and notificationrequirements, and requires the return of , lenders have viewed an 80 percentloan-to-value (LTV) ratio (and a corresponding20 percent down payment) as a prudent standardfor making consumer real estate loans.
Homeowners Protection Act Background TheHomeownersProtectionActof1998became effectiveinJuly1999.Theact,alsoknownasthe PMI Cancellation Act, …
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