Homeowners Protection Act Policy
The purpose of this Homeowners Protection Act Policy Template is to address measures a bank, credit union, fintech company, or other type of financial institution must take to ensure adherence to the Homeowners Protection Act (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 10Staff Training – Topic 11
- Retention of Documetation – Topic 12
This Homeowners Protection Act Policy Template (approximately 11 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
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