According to federal law,private mortgage insurance on most loans made on or after July 29,1999,ends automatically once the mortgage is paid down to 80% of the original value of the house.

Question

Quizplus · Accepted Answer

According to the Homeowners Protection Act of 1998, private mortgage insurance (PMI) automatically ends when the mortgage balance is paid down to 78% of the original value of the home, not 80%.

According to Federal Law,private Mortgage Insurance on Most Loans Made