12 U.S.C. § 4904 — Notification upon cancellation or termination
submitted 28 years ago by Pub. L. 105-216 to r/title-12-BANKS-AND-BANKING · 244 words · no verdicts yet
After private mortgage insurance is canceled or terminated, the servicer must notify the mortgagor in writing and explain that no more insurance-related charges are due. If the servicer denies cancellation or termination, it must explain its reasons and provide the required notice on time.
(a) Within 30 days after private mortgage insurance* is canceled or terminated under this chapter, the servicer* must notify the mortgagor* in writing (1) that the insurance ended and the mortgagor no longer has it, and (2) that no further premiums, payments, or other insurance-related fees are due from the mortgagor.
(b)(1) If the servicer decides that a mortgage did not meet the requirements for cancellation or termination under section 4902(a) or (b), it must give the mortgagor written notice of the reasons, including any appraisal results used. (2) For a requested cancellation, the notice is due within 30 days after the later of receiving the request under section 4902(a)(1) or the mortgagor meeting the evidence and certification requirements under section 4902(a)(3). For termination, it is due within 30 days after the scheduled termination date*.
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—
that the private mortgage insurance* has terminated and that the mortgagor no longer has private mortgage insurance; and
that no further premiums, payments, or other fees shall be due or payable by the mortgagor in connection with the private mortgage insurance.
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).
Notice required by paragraph (1) shall be provided—
with respect to cancellation of private mortgage insurance under section 4902(a) of this title, not later than 30 days after the later of—
the date on which a request is received under section 4902(a)(1) of this title; or
the date on which the mortgagor satisfies any evidence and certification requirements under section 4902(a)(3) 1 of this title; and
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*.
Source credit: (Pub. L. 105–216, § 5, July 29, 1998, 112 Stat. 903.)
- 1998Enacted · Pub. L. 105-216 · 112 Stat. 903
A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-216 on 1998-07-29.
all 0 arguments · sorted by: best
no arguments yet — make the first case