回複：Need help to find Federal Law on the deletion of the PMI

Any loan that closed after July 29, 1999 is covered under the Homeowner¿s Protection Act of 1998 (HOPA). This federal law gives you the right to request deletion of PMI once the loan-to-value ratio (LTV) reaches 80%. This may occur through original amortization or by principal reduction, and proof of value will be required. HOPA also provides for automatic termination once the LTV reaches 78%, through original amortization only. Proof of value is not required for automatic termination. In the event you are requesting to have your PMI reviewed for deletion and your loan has not met the terms listed above, we are obligated to follow the guidelines established by the investor of your loan. Second homes and investment properties are not covered under HOPA, and are also subject to investor guidelines. If you feel your loan qualifies for PMI deletion, please send a written request to the insurance address listed above, so that your request can be reviewed accordingly. Please note that in any case, PMI deletion requires a good pay history. No payment may be 30 or more days late in the past 12 months, and no payment may be more than 60 or more days late in the past 24 months.

Homeowner¿s Protection Act of 1998 (HOPA)
http://uscode.house.gov/download/pls/12C49.txt

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• Thanks, you are the best. -david2005- ♂ (0 bytes) () 04/30/2008 postreply 08:20:53