Private Mortgage Insurance (PMI): New Law Requires Lenders to Cancel PMI

Topics:
Real Estate Services
Tags:
Business Operations,
Private Mortgage Insurance,
Operational Accounting,
Management,
Lender,
Insurance,
Homeowner,
Financial Planning,
Finance,
Federal Reserve Bank Of San Francisco,
...
Source:
Federal Reserve Bank of San Francisco

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Overview: PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI. This article states that every homeowner will want to be aware of a new law that establishes rights for homeowners and rules for lenders regarding private mortgage insurance (PMI) cancellation. With this knowledge, homeowners may eliminate premiums they may be paying unnecessarily.

(Is this item miscategorized? Does it need more tags? Let us know.)

Format: PDF | Size: 131KB | Date: Oct 2003 | Pages: 6

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