After a recent review of our generic Private Mortgage Insurance (PMI) Disclosure forms, we are modifying the definition of “good payment history” on some of our generic PMI Disclosures to more accurately reflect the Homeowner’s Protection Act (12 U.S.C. 4901) definition of “good payment history”.
“For purposes of PMI cancellation, a “good payment history” means no payments 60 or more days past due within two years of, and no payments 30 or more days past due within one year of, the later of (i) the cancellation date; or (ii) the date on which you submit a request for cancellation.”
This update will clarify the conditions for which the Private Mortgage Insurance (PMI) can be canceled and will better comply with the regulatory language. Further, the update will ensure language consistency across our generic PMI disclosure forms. The documents being modified are:
- PMI Disclosure – Fixed Rate (Cx29)
- Borrower Paid Single Premium PMI Disclosure – Fixed Rate (Cx14292)
- Borrower Paid Single Premium PMI Disclosure – ARM (Cx14293)
- Borrower Paid Single Premium PMI Disclosure – Balloon (Cx14294)
This change will take effect on May 22, 2018. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.