Homeowners Protection Act of 1998

  

Definition

Federal legislation enacted to protect homeowners from abusive practices of the private mortgage insurance (PMI) industry. The act was necessary because some homeowners were continuing to pay for PMI long after there was any need for the coverage. Under HOPA, lenders and insurers must disclose to borrowers all their rights (especially cancellation policies) associated with private mortgage insurance. HOPA may also be referred to as the PMI Cancellation Act.

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