{"id":1668,"date":"2019-04-25T16:31:34","date_gmt":"2019-04-25T16:31:34","guid":{"rendered":"https:\/\/albanknews.com\/?p=1668"},"modified":"2019-04-25T16:32:34","modified_gmt":"2019-04-25T16:32:34","slug":"1668","status":"publish","type":"post","link":"https:\/\/albanknews.com\/?p=1668","title":{"rendered":"Compliance Q&#038;A: Deadline for PMI notice of Cancellation\/Termination"},"content":{"rendered":"<p><strong>Question: <\/strong><\/p>\n<p>When is the deadline to provide a PMI notice of cancellation\/termination?<\/p>\n<p><strong>Answer:<\/strong><\/p>\n<p>Assuming this is subject to the Homeowners Protection Act, the bank has 30 days after the PMI relating to a residential mortgage transaction is canceled or terminated to send out a notice to the borrower, as set out here:<\/p>\n<p><a href=\"https:\/\/url.emailprotection.link\/?bvbBX8kezukdRKJ5Iscl3KEY3CH1XiIp3QNRnblXk-C8S7RqMuMTkfwASvYDPg5L4bFQUsEvAX0SB2yEKbw8s9MGyq0wg-shEpiUK3VurG076P5X8xbRIm8t0bJX8I01K\">https:\/\/www.federalreserve.gov\/boarddocs\/supmanual\/cch\/hpa.pdf<\/a><\/p>\n<p><em>&#8220;Notification upon Cancellation or Termination of PMI Relating to Residential Mortgage Transactions General Requirements Not later than thirty days after PMI relating to a residential mortgage transaction is canceled or terminated, the servicer must notify the borrower in writing that <\/em><\/p>\n<ul>\n<li><em>PMI has terminated and the borrower no longer has PMI and<\/em><\/li>\n<li><em>No further premiums, payments, or other fees are due or payable by the borrower in connection with PMI.&#8221;<\/em><\/li>\n<\/ul>\n<hr>\n<p><strong>Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call (888) 353-3933 or email <a href=\"mailto:info@compliancealliance.com\">info@compliancealliance.com<\/a>.<\/strong><\/p>\n<p><strong><u>Not a member?<\/u> <\/strong>Learn more about membership with Compliance Alliance by attending one of our live demos:<\/p>\n<ul>\n<li><strong><u><a href=\"https:\/\/www.compliancealliance.com\/news-events\/event\/live-membership-demo-04-30-2019\">Live demo on Tuesday, April 30<sup>th<\/sup> @ 10:00 am CT.<\/a><\/u><\/strong><\/li>\n<\/ul>\n<p>Compliance rules and regulations change quickly! For timely compliance updates, <strong><a href=\"https:\/\/url.emailprotection.link\/?bwKfDDWcZW0NjoeiYuOKWEt_I2qYWyzZk_6BvOcrZxBe-BM4qT-xEWhLKvMlJIObIyFNMcIjNZroZIuUKw2PDgQ~~\">subscribe to Compliance Alliance\u2019s email newsletters<\/a><\/strong>.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Question: When is the deadline to provide a PMI notice of cancellation\/termination? Answer: Assuming this is subject to the Homeowners Protection Act, the bank has 30 days after the PMI relating to a residential mortgage transaction is canceled or terminated to send out a notice to the borrower, as set out here: https:\/\/www.federalreserve.gov\/boarddocs\/supmanual\/cch\/hpa.pdf &#8220;Notification upon Cancellation or Termination of PMI Relating to Residential Mortgage Transactions General Requirements Not later than thirty days after PMI relating to a residential mortgage transaction is canceled or terminated, the servicer must notify the borrower in writing that PMI has terminated and the borrower no [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1070,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19,33,23],"tags":[],"class_list":["post-1668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","category-compliance-qa","category-publications","has_thumb"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/albanknews.com\/wp-content\/uploads\/2017\/11\/compliance-alliance.png?fit=800%2C800&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/s4Y3P2-1668","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/1668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1668"}],"version-history":[{"count":2,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/1668\/revisions"}],"predecessor-version":[{"id":1671,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/1668\/revisions\/1671"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/media\/1070"}],"wp:attachment":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}