HPA

Question 1

What does HPA stand for?

Answer 1

Homeowners Protection Act

Question 2

What’s the purpose of HPA?

Answer 2

to facilitate the cancellation of PMI on residential mortgage transactions

Question 3

Types of loans HPA does NOT apply to?

Answer 3

Government insured FHA or VA Loans

Loans protected by PMI paid by the lender

Question 4

HPA describes High-Risk Loans as:

Answer 4

Conforming loans that Fannie/Freddie identify as high-risk

Non-conforming loans that lenders identify as high-risk