A borrower wants to request PMI cancellation. Under the HPA, what LTV ratio must be reached for borrower-requested cancellation?
Correct Answer
C) 80%
Under the Homeowners Protection Act, borrowers can request PMI cancellation when the LTV ratio reaches 80% of the original property value, assuming they are current on payments and meet other lender requirements.
Why This Is the Correct Answer
Under the Homeowners Protection Act, borrowers can request PMI cancellation when the LTV ratio reaches 80% of the original property value, assuming they are current on payments and meet other lender requirements.
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