Homeowners Protection Act

Course Number: ABA

Course Code: ABA

Explains when the right to cancel PMI is permitted, the exceptions, disclosures, and notice requirement for borrower rights to cancel and terminate PMI, the basic disclosure requirements for lender-paid mortgage insurance, and the liability to borrowers if PMI is not canceled in accordance with the law.

Updated: April 2019
Re-versioned: May 2016

What You’ll Learn
After completing this course, students will be able to:

-Describe when PMI is required and when it must be cancelled
-Explain borrower and servicer initiated requests for PMI cancellation and exceptions
-Describe lender disclosure and notice requirements for borrower rights to cancel and terminate PMI
-Explain the difference between Borrower paid mortgage insurance (BPMI) and Lender paid mortgage insurance (LPMI)?

Audience: Lenders, underwriters and anyone who takes credit applications, as well as back office staff responsible for mortgage disclosures.

Prerequisites: None

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Member Price: $95.00
Non-Member Price: $130.00
Textbook Charge: $0.00

Credits: 0.75 CRCM, CFMP

Length: 30 min

ABA Training