Under the Homeowners Protection Act, PMI must be automatically terminated by what date, regardless of the loan-to-value ratio?
Correct Answer
A) When the loan reaches the midpoint of the amortization schedule
The Homeowners Protection Act requires PMI to be automatically terminated when the loan reaches the midpoint of the amortization schedule, even if the LTV has not reached 78%, provided payments are current.
Why This Is the Correct Answer
The Homeowners Protection Act requires PMI to be automatically terminated when the loan reaches the midpoint of the amortization schedule, even if the LTV has not reached 78%, provided payments are current.
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A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
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For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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