CFPB Issues Guidance on PMI Terminations/Cancellations
The Homeowners Protection Act, which governs the use of private mortgage insurance (PMI), has long been a source of confusion to mortgage servicers, particularly as it relates the requirements regarding the cancellation and termination of PMI. The CFPB has noted this confusion during examinations and, as a result, has just issued a new bulletin that provides useful compliance information without creating any new compliance responsibilities. [8/6/15]