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Questions and Answers
What does the Homeowner's Protection Act apply to?
What does the Homeowner's Protection Act apply to?
- Homeowners insurance
- Flood insurance
- Private mortgage insurance (correct)
- Title insurance
When can a borrower request that PMI be dropped from their loan?
When can a borrower request that PMI be dropped from their loan?
- Once they have obtained 10 percent equity in their property
- Once they have obtained 40 percent equity in their property
- Once they have obtained 20 percent equity in their property (correct)
- Once they have obtained 30 percent equity in their property
When is PMI dropped from the borrower's loan without a request from the borrower?
When is PMI dropped from the borrower's loan without a request from the borrower?
- When the borrower has obtained 20 percent equity in their property or at 80 percent LTV
- When the borrower has obtained 22 percent equity in their property or at 78 percent LTV (correct)
- When the borrower has obtained 25 percent equity in their property or at 75 percent LTV
- When the borrower has obtained 30 percent equity in their property or at 70 percent LTV
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