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Questions and Answers
What is the Homeowner’s Protection Act?
What is the Homeowner’s Protection Act?
- A law that applies to health insurance
- A law that applies to private mortgage insurance (correct)
- A law that applies to car insurance
- A law that applies to all types of 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 20 percent equity in their property (correct)
- Once they have obtained 10 percent equity in their property
- Once they have obtained 30 percent equity in their property
- Once they have obtained 40 percent equity in their property
When is a servicer required to drop PMI from the borrower’s loan?
When is a servicer required to drop PMI from the borrower’s loan?
- When the borrower has obtained 22 percent equity in their property (correct)
- When the borrower has obtained 10 percent equity in their property
- When the borrower has obtained 30 percent equity in their property
- When the borrower has obtained 20 percent equity in their property
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