A mortgage team asks a branch supervisor about Homeowners Protection Act PMI rules during a file review. Which answer should guide the file?
Correct Answer
A) Automatically terminate PMI at 78 percent if current
HPA has separate borrower-requested, automatic, and final PMI termination rules. The best answer is "Automatically terminate PMI at 78 percent if current".
Why This Is the Correct Answer
HPA has separate borrower-requested, automatic, and final PMI termination rules. The best answer is "Automatically terminate PMI at 78 percent if current".
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