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Freddie mac pmi cancellation Form: What You Should Know
In the case of a Fannie Mae or Freddie Mac covered mortgage insured by Fannie Mae's or Freddie Mac's Policyholder Protection Program, the following conditions will automatically terminate the loan. (1) The loan principal is not in escrow (2) The loan account is not in default, but the Loan is still subject to a prepayment penalty (3) The Borrower has filed a Notice of Termination with the Borrower's Loan Service The policy must also specify what happens if the condition(s) above is not met; this policy will be referred to as the Automatic Termination Notice The following rules govern when the Automatic Termination Notice is sent. (1) If the loan account is in default, then if the Loan is still in escrow, no automatic termination date will be scheduled. However, if either of the above conditions are met, if at any point the default rate exceeds the escrow ratio, the Borrower may be automatically terminated. (2) If the loan account is in escrow, the Mortgage Insurance Claims Department within 10 business days of submitting the Automatic Termination Notice will send the mortgage agent a notice of default. (3) Fannie Mae will send a Notice of Cancellation on behalf of the Borrower if the default rate exceeds the escrow ratio. (4) With regard to any loan account that is in default under the automatic termination policy, the Mortgage Insurance Claims Dept. will issue a Notice of Cancellation. If the escrow ratio drops below the default ratio, the auto-termination policy will be automatically terminated. In the event of an automatic termination, a notice of cancellation must be provided.
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