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Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of H
Homeowners Protection Act (HOPA) of 1998
Also known as the PMI (Private Mortgage Insurance) Cancellation Act, was signed into law on July 29, 1998, and became effective on July 29, 1999. The Act was amended on December 27, 2000 to provide technical corrections and clarification. The Act requires lenders or servicers to provide certain disclosures and notifications concerning private mortgage insurance (PMI) on loans secured by the consumer's primary residence consummated on or after July 29, 1999. The Act also contains disclosure provisions for mortgage loans that closed before July 29, 1999. The Act addresses the difficulties homeowners have experienced in canceling PMI coverage and allows borrower initiated cancellation of PMI and requires its termination by the lender when the borrower has accumulated a certain equity level in the home. More about Homeowners Protection Act
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