§ 4904. Notification upon cancellation or termination

320 words·~1 min read·/usc/title-12/section-4904

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(a)In general Not later than 30 days after the date of cancellation or termination of a private mortgage insurance requirement in accordance with this chapter, the servicer shall notify the mortgagor in writing—

(1)that the private mortgage insurance has terminated and that the mortgagor no longer has private mortgage insurance; and

(2)that no further premiums, payments, or other fees shall be due or payable by the mortgagor in connection with the private mortgage insurance.

(b)Notice of grounds

(1)In general If a servicer determines that a mortgage did not meet the requirements for termination or cancellation of private mortgage insurance under subsection

(a)or

(b)of section 4902 of this title, the servicer shall provide written notice to the mortgagor of the grounds relied on to make the determination (including the results of any appraisal used to make the determination).

(2)Timing Notice required by paragraph

(1)shall be provided—

(A)with respect to cancellation of private mortgage insurance under section 4902(a) of this title, not later than 30 days after the later of—

(i)the date on which a request is received under section 4902(a)(1) of this title; or

(ii)the date on which the mortgagor satisfies any evidence and certification requirements under section 4902(a)(3) 1 of this title; and

(B)with respect to termination of private mortgage insurance under section 4902(b) of this title, not later than 30 days after the scheduled termination date.

(Pub. L. 105–216, § 5, July 29, 1998, 112 Stat. 903.)

Connections2 cite this · traces to 2

Cited by 2 sections

statutes-at-large

Public Law 105–216
To require automatic cancellation and notice of cancellation rights with respect to private mortgage insurance which is required as a condition for entering into a residential mortgage transaction, to abolish the Thrift Depositor Protection Oversight Board, and for other purposes

statute-compilations

Sec. 5
NOTIFICATION UPON CANCELLATION OR TERMINATION

Traces to 2 documents

U.S. Code

6 references not yet in our index

1
Pub. L. 105–216, § 5
112 Stat. 903
Pub. L. 106–569, title IV, § 404(1)(C)
114 Stat. 2958
section 13 of Pub. L. 105–216

Citation graph

cites case law

§ 4904

Notification upon cancellation or termination

Stat. Comp.×1

Stat.×1

U.S.C.§ 4902

U.S.C.§ 4901

Cite1

Pub. L.Pub. L. 105–216, § 5

Stat.112 Stat. 903

Pub. L.Pub. L. 106–569, title IV, § 404(1)(C)

Stat.114 Stat. 2958

Cites 8 · showing 7Cited by 2 across 2 sources