12 U.S.C. § 4910
Current through P.L. 118-47 (published on www.congress.gov on 03/23/2024)
Nothing in this chapter shall be construed to impose any requirement for private mortgage insurance in connection with a residential mortgage transaction.
Nothing in this chapter shall be construed to preclude cancellation or termination, by agreement between a mortgagor and the holder of the mortgage, of a requirement for private mortgage insurance in connection with a residential mortgage transaction before the cancellation or termination date established by this chapter for the mortgage.
12 U.S.C. § 4910
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATESection effective 1 year after July 29, 1998, see section 13 of Pub. L. 105-216 set out as a note under section 4901 of this title.
- mortgagor
- The term "mortgagor" means the original borrower under a residential mortgage or his or her successors or assignees.
- private mortgage insurance
- The term "private mortgage insurance" means mortgage insurance other than mortgage insurance made available under the National Housing Act [ 12 U.S.C. 1701 et seq.], title 38, or title V of the Housing Act of 1949 [ 42 U.S.C. 1471 et seq.].
- residential mortgage transaction
- The term "residential mortgage transaction" means a transaction consummated on or after the date that is 1 year after July 29, 1998, in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained against a single-family dwelling that is the principal residence of the mortgagor to finance the acquisition, initial construction, or refinancing of that dwelling.
- termination date
- The term "termination date" means-(A) with respect to a fixed rate mortgage, the date on which the principal balance of the mortgage, based solely on the initial amortization schedule for that mortgage, and irrespective of the outstanding balance for that mortgage on that date, is first scheduled to reach 78 percent of the original value of the property securing the loan; and(B) with respect to an adjustable rate mortgage, the date on which the principal balance of the mortgage, based solely on the amortization schedule then in effect for that mortgage, and irrespective of the outstanding balance for that mortgage on that date, is first scheduled to reach 78 percent of the original value of the property securing the loan.