Description

Explains when the right to cancel PMI is permitted, the exceptions, disclosures, and notice requirement for borrower rights to cancel and terminate PMI, the basic disclosure requirements for lender-paid mortgage insurance, and the liability to borrowers if PMI is not canceled in accordance with the law.
What You’ll Learn
After completing this course, students will be able to:

Describe when PMI is required and when it must be cancelled

Explain borrower and servicer initiated requests for PMI cancellation and exceptions

Describe lender disclosure and notice requirements for borrower rights to cancel and terminate PMI

Explain the difference between Borrower paid mortgage insurance (BPMI) and Lender paid mortgage insurance (LPMI)

Additional information

Audience	Lenders, underwriters and anyone who takes credit applications, as well as back office staff responsible for mortgage disclosures.
Credits	0.75 CRCM, CFMP
Member Price	95.00
Non-Member Price	130.00
Course Number	ABA
Location	Online Self-Paced
Vendor	ABA
Course Code	ABA
Prerequisites	None
Day	Online