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Homeowners Protection Act (HPA) Policy

$100.00

The purpose of this Homeowners Protection Act (HPA) Policy Template 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.

Description

Homeowners Protection Act Policy

The purpose of this Homeowners Protection Act Policy Template is to address measures a 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 for $100.00.

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