Homeowners
Protection Act
Statute: 12
USC § 4901 et seq.
Regulation:
HOPA Purpose: On July 29, 1998,
Congress enacted the Homeowners Protection Act
(HPA) or “PMI Cancellation Act,” to require
lenders to cancel mandatory private mortgage
insurance (PMI) on residential mortgage loans
under certain circumstances. The HPA also requires
lenders to provide several disclosures regarding
PMI cancellation — when the loan is originated,
annually during the term of the loan, and when
PMI terminates.
