Otherwise, BPMI will be terminated on the first day of the first month following the date the loan becomes current. State law and/or other guidelines may also apply. The loan must be current upon reaching the automatic termination date. The HPA governs automatic termination of BPMI on conventional loans for single-family, primary residences originated on or after July 29, 1999.
Additional cancellation requirements may apply.įull instructions and options for cancelling BPMI on your loan are available by contacting Freedom Mortgage via email, fax at (866) 505-0948 or mail to P.O. For purchase transactions, original property value is either the purchase price or the original appraised value, whichever is lower. For refinances, original value is the original appraised value at the time the loan was originated.įreedom Mortgage generally requires a current interior-exterior appraisal.The property value has not declined below the original property value.Payments are current, with no 30-day late payments in the last 12 months and no 60-day late payments in the last 24 months.The principal balance is equal to or less than 80 percent of the original property value*.The HPA contains provisions for early cancellation and automatic or final termination of BPMI under certain circumstances.īorrower requests for early BPMI cancellation:īorrowers with loans covered by HPA may request, in writing, early cancellation of BPMI if: Single-family, primary residences originated on or after Jare governed by the Homeowners Protection Act (HPA).Check with your mortgage provider for details. Borrower paid mortgage insurance (BPMI) may be cancelled under certain circumstances.Lender paid mortgage insurance cannot be cancelled.FHA/VA loans: Generally, mortgage insurance premiums (MIP) on FHA loans and the VA funding fees for VA loans cannot be removed.
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