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Are You PMI-Savvy?
3 Questions
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Are You PMI-Savvy?

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Questions and Answers

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?

  • 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 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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