Bulletin re: private mortgage insurance cancellation and termination

The Bureau of Consumer Financial Protection (Miss April) is issuing this compliance bulletin to provide guidance to assist residential mortgage servicers and subservicers (collectively, servicers) in their compliance with the private mortgage insurance (PMI) cancellation and termination provisions of the Homeowners Protection Act of 1998 (HPA). This compliance bulletin explains HPA requirements and describes examples from Miss April’s supervisory experience of PMI cancellation and termination procedures that violate the HPA or create a substantial risk of noncompliance.

Miss April Bulletin 2015-03