What is HPA in mortgage terms?

The Homeowners Protection Act of 1998 is a law designed to reduce the unnecessary payment of private mortgage insurance (PMI) by homeowners who may no longer be required to pay it. The Homeowners Protection Act covers all private, residential mortgages purchased after July 29, 1999.

What does HPA stand for in insurance?

Summary. The Homeowners Protection Act of 1998 (HPA or PMI Cancellation Act, or Act) was signed into law on July 29, 1998, became effective on July 29, 1999, and was later amended on Dec.

What qualifies for PMI cancellation under HPA?

The borrower’s right to request cancellation of PMI on (1) the date on which the loan balance is first scheduled to reach 80 percent of the original value of the property based on the amortization schedules or (2) the date on which the balance actually reaches 80 percent of the original value of the property based on …

What does the HPA require?

The law requires that lenders must inform borrowers of their rights, including when they can cancel the insurance. The HPA addresses both PMI and lender paid mortgage insurance (LPMI), which borrowers must pay in a lump sum at the beginning of the loan or through higher monthly interest payments.

Is a PMI disclosure required?

The lender must provide written initial disclosures at consummation for all high-risk residential mortgage transactions (as defined by the lender or Fannie Mae or Freddie Mac), that in no case will PMI be required beyond the midpoint of the amortization period of the loan, if the loan is current.

Is Nyship Medicaid?

For retirees and their dependents, NYSHIP requires enrollment in Medicare Parts A and B when first eligible. NYSHIP’s Empire Plan pays secondary to Medicare.

Can you remove PMI with a new appraisal?

For homeowners with a conventional mortgage loan, you may be able to get rid of PMI with a new appraisal if your home value has risen enough to put you over 20 percent equity. However, some loan servicers will re-evaluate PMI based only on the original appraisal.

Can Refinancing get rid of PMI?

The short answer: yes, private mortgage insurance (PMI) can be removed when you refinance. In most cases, PMI is cancelled automatically once the homeowner has reached 22% equity in the home – which is the same thing as “78% loan-to-value ratio (LTV).” You’ll see both terms used, so don’t be confused.

What is PMI disclosure?

PMI disclosure informs the borrower that the loan has a requirement for private mortgage insurance (PMI) and that the borrower has the right to request cancellation of PMI when the cancellation date has reached or that the PMI will automatically terminate upon the termination date.

Is Nyship United healthcare?

Your SEHP medical coverage will be through insurance carriers under contract with NYSHIP: Empire Blue Cross Blue Shield (for hospital benefits), UnitedHealthcare Insurance Company of New York (medical/surgical), GHI/ValueOptions (mental health and substance abuse) and CIGNA/Express Scripts (prescription drugs).