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ARTICLE · 10 AUGUST 2015

CFPB Issues Bulletin On Private Mortgage Insurance Cancellation

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On August 4, 2015, the Consumer Financial Protection Bureau (CFPB) issued a bulletin providing guidance to mortgage servicers regarding cancellation and termination of private mortgage insurance.

United StatesFinance and Banking
Anthony Sharett
Anthony Sharett
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On August 4, 2015, the Consumer Financial Protection Bureau (CFPB) issued a bulletin providing guidance to mortgage servicers regarding cancellation and termination of private mortgage insurance.

The bulletin, discusses certain Homeowners Protection Act requirements and should assist servicers with compliance. The guidance summarizes existing requirements under the law and does not create any new standards.

"Consumers should not be billed for unnecessary private mortgage insurance," said CFPB director Richard Cordray. "We will continue to supervise mortgage servicers to ensure they are treating borrowers fairly, and today's guidance should help servicers come into compliance with the Homeowners Protection Act."

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