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Bureau bulletin details areas of concern in PMI cancellation process
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The Consumer Financial Protection Bureau issued a compliance bulletin to assist residential mortgage servicers and sub-servicers in following the private mortgage insurance cancellation and termination provisions of the Homeowners Protection Act of 1998. The bureau detailed areas where servicers failed to follow procedures in determining the timing of cancellation, and reminded servicers that HPA guidelines and protections take precedence over investor guidelines, even those issued by Fannie Mae and Freddie Mac.
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