Homeowners Protection Act

This Homeowners Protection Act online training course explores the requirements that banks must follow to comply with the Act. The Homeowners Protection Act was enacted to assist borrowers/mortgagors with problems cancelling or terminating private mortgage insurance. The Act requires specific disclosures based on whether the PMI is borrower paid or lender paid. All bank personnel who work with residential mortgage transactions must understand what is required and how it applies to residential mortgage transactions and high-risk residential mortgage transactions.

Course Learning Objectives

 By taking this online Homeowners Protection Act course, the user will learn:

• When PMI is required
• When PMI must be cancelled or terminated
• How to provide the borrower with notices regarding borrower paid private mortgage insurance (BPMI or PMI) and lender paid mortgage insurance (LPMI)

Course Outline

This online Homeowners Protection Act course is made up of the following sections:

1. Definitions
2. Applicability
3. Cancellation and Termination of PMI for Non-High-Risk Transactions
4. Exceptions to Cancellation and Termination for High-Risk Mortgage Transactions
5. Disclosure and Notice Requirements
6. Disclosure Requirements for Lender Paid Mortgage Insurance
7. State Laws and Other Agreements

Course Audience

This Homeowners Protection Act online training course was designed for lending and operations employees.

If you have any concerns as to whether this course is appropriate for you or your industry, please browse our full selection of online courses.