What is the Homeowners Protection Act (HPA) of 1998?
On July 28, 1998, President Clinton signed into law the “Homeowners Protection Act of 1998”. This Act describes the provisions under which mortgagors with conventional loans can request cancellation of Private Mortgage Insurance. The Act also describes disclosures and notices that are required for lenders to automatically terminate PMI on conventional loans. This Act applies only to residential mortgages secured by single-family, single-unit, owner-occupied dwellings closed on or after July 29, 1999. Mortgage loans closed before July 29, 1999, or mortgage loans secured for vacation or second homes, by 2-4 family dwellings or other multifamily dwellings, or by investment properties are not covered by the Act.
Related Questions
- Is the Mission Viejo Homeowners Association subject to the provisions of the Colorado Common Interest Ownership Act and provisions of Senate Bills 05-100 and 06-89?
- Does the Homeowners Protection Act and the PMI Drop Off at 78% Apply to Second Homes?
- How do Coastal American Homeowners Benefit from the Multiple Peril Insurance Act?
