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1 CFPB Bulletin 2015-03 . Date: August 4, 2015 Subject: Compliance Bulletin: Private Mortgage Insurance Cancellation and Termination The Bureau of Consumer Financial Protection (CFPB) is issuing this compliance bulletin to provide guidance to assist residential mortgage servicers and subservicers (collectively,
· Beginning in January 2015, for the first time since 2001, the FHA reduced its mortgage insurance premiums for U.S. homeowners using the agency’s flagship mortgage programs.
Mortgage insurance premiums. The item-ized deduction for mortgage insurance premi-ums expired on December 31, 2017. At the time this publication went to print, Congress was considering legis-lation to extend the itemized deduction for mortgage insurance premiums. To find out if this legislation was enacted, and for more de-
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When a homebuyer makes a down payment of less than 20 percent, the lender requires the borrower to buy private mortgage insurance, or PMI. This protects the lender from losing money if the borrower ends up in foreclosure. Private mortgage insurance also is required if a borrower refinances the mortgage with less than 20 percent equity.
Private Mortgage Insurance, or PMI, is insurance that protects the lender against loss if you (the borrower) stop making mortgage payments. Even though it protects the lender and not you, it is paid by you.
*Revision to the Annual MIP Premium – as per Mortgagee Letter 2015-01. There will be no change in Annual Mortgage Insurance Premiums for all case numbers assigned on or after January 26th, 2015 for the following: On loans with a Loan to Value of less than or equal to 78% and with terms up to 15 years.
FHA MIP Chart shows the mortgage insurance fee required for FHA loans. How you can drop/avoid PMI and check FHA mortgage insurance premiums.. Effective in 2015 you can no longer cancel the MIP after the LTV reaches 78% or less. You must carry MIP for the life of the loan.
difficulties in canceling private mortgage insurance (PMI) 1 . coverage. It establishes provisions for canceling and terminat-ing PMI, establishes disclosure and notification requirements, and requires the return of unearned premiums. PMI is insurance that protects lenders.
At a glance: The FHA annual mortgage insurance premium for 2015 is being reduced. This change takes effect on January 26, 2015. The new annual MIP for most FHA borrowers will be 0.85% of the base loan amount. This change only applies to 30-year mortgages; 15-year loans are unaffected. On January 8.