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CFPB PMI Cancellation Guidance

Mon, Aug 17, 2015

Washington, District Of Columbia

The CFPB has announced Bulletin 2015-03, "Private Mortgage Insurance Cancellation and Termination," to provide guidance to mortgage servicers regarding the cancellation and termination of private mortgage insurance. The bulletin explains certain requirements of the Homeowners Protection Act (HPA) and is intended to help servicers comply with the law. The Bureau has identified substantial industry confusion over implementation of the PMI cancellation and termination requirements in the HPA, and examinations by the Bureau have identified violations of several different provisions of the Act.

As stated at the end of the bulletin:  “The Bureau has determined that this compliance bulletin summarizes existing requirements and does not establish any new or revise any existing recordkeeping, reporting, or disclosure requirements on covered entities or members of the public that would be collections of information requiring OMB approval under the Paperwork Reduction Act.”

Source:  CFPB