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What provisions govern cancellation/termination of MI on the new Refi Plus loan?

April 26, 2017cancellation govern loan mi Plus refi termination

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What provisions govern cancellation/termination of MI on the new Refi Plus loan?

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The terms of the new mortgage note (new unpaid balance, LTV, term, etc.) should be used to calculate the MI cancellation/termination date. Lenders should check with their individual MI providers to determine how the payment anniversary date and coverage effective date should be handled.