Homeowners Protection Act (HPA) Policy - $100.00
The purpose of this Homeowners Protection Act (HPA) Policy is to address measures a financial institution must take to ensure adherence to the HPA. In general, the HPA applies primarily to residential mortgage transactions to finance the acquisition, initial construction or refinancing of a single-family dwelling that serves as a borrower’s principal residence. In addition, the HPA includes provisions for annual written disclosures for residential mortgages. A condominium, townhouse, cooperative or mobile home is considered to be a single-family dwelling covered by the HPA.
Table of Contents
Purpose and Contents – Topic 1
Policy Statement - Topic 2
Definitions - Topic 3
Cancellation and Termination of PMI – Non-High Risk - Topic 4
Cancellation and Termination of PMI – High Risk - Topic 5
Disclosure and Notice Requirements – Residential Mortgage - Topic 6
Notice Upon Cancellation or Termination of PMI - Topic 7
Disclosure Requirements for Lender Paid Mortgage Insurance - Topic 8
Civil Liability - Topic 9
Audit Policy - Topic 10
Staff Training - Topic 11
Retention of Documentation - Topic 12
This policy template (approximately 11 pages) is available to purchase from BankPolicies.com in Microsoft® Word format for $100.00.
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