Sometimes lenders will require that LMI be paid for a fixed period (for example, 2 or 3 years), even if the principal reaches 80% sooner than that. Legally, there is no obligation to allow the cancellation of MI until the loan has amortized to a 78% LTV ratio (based on the original purchase price).
Although many [...]
From the category archives:
Laws
Cost of Mortgage Insurance
Predatory Lending Laws
Virtually every jurisdiction in the U.S. has predatory lending laws that restrict certain lending practices. Each state has it’s own predatory lending laws, but Cleveland’s provides a perfect example.
The laws in Cleveland dealing with predatory lending can be found in Part 6, Title III, Chapter 659 of the codes. The most important section is 659.02 [...]
