When is the deadline to provide a PMI notice of cancellation/termination?
Assuming this is subject to the Homeowners Protection Act, the bank has 30 days after the PMI relating to a residential mortgage transaction is canceled or terminated to send out a notice to the borrower, as set out here:
“Notification upon Cancellation or Termination of PMI Relating to Residential Mortgage Transactions General Requirements Not later than thirty days after PMI relating to a residential mortgage transaction is canceled or terminated, the servicer must notify the borrower in writing that
- PMI has terminated and the borrower no longer has PMI and
- No further premiums, payments, or other fees are due or payable by the borrower in connection with PMI.”
Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call (888) 353-3933 or email email@example.com.
Not a member? Learn more about membership with Compliance Alliance by attending one of our live demos:
Compliance rules and regulations change quickly! For timely compliance updates, subscribe to Compliance Alliance’s email newsletters.