(a) In general. Not later than 30 days after the date of cancellation
or termination of a private mortgage insurance requirement in accordance
with this Act, the servicer shall notify the mortgagor in writing—
(1) that the private mortgage
insurance has terminated and that the mortgagor no longer has private
mortgage insurance; and
(2) that no further premiums, payments, or other fees shall be due
or payable by the mortgagor in connection with the private mortgage
insurance.
(b) Notice of grounds.
(1) If a servicer determines that a mortgage
did not meet the requirements for termination or cancellation of private
mortgage insurance under subsection (a) or (b) of section 3, the servicer
shall provide written notice to the mortgagor of the grounds relied
on to make the determination (including the results of any appraisal
used to make the determination).
(2) Notice required by paragraph (1) shall
be provided—
(A) with respect to cancellation of
private mortgage insurance under section 3(a), not later than 30 days
after the later of—
(i) the date on which a request is received
under section 3(a)(1); or
(ii) the date on which the mortgagor satisfies any evidence and certification
requirements under section 3(a)(3); and
(B) with respect to termination
of private mortgage insurance under section 3(b), not later than 30
days after the scheduled termination date.
[12 USC 4904.]
