12 U.S.C. §4903 — Disclosure requirements
HPA PMI disclosure section. At-closing disclosure for PMI (initial amortization schedule plus written cancellation/ termination notice; ARM variant), high-risk midpoint-only disclosure, annual servicer disclosure for new-rule loans, annual disclosure for pre-HPA legacy loans, and integration with RESPA/IRS annual disclosures.
Verbatim regulatory text
Verbatim provisions from 12 U.S.C. §4903 — Disclosure requirements — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
12 U.S.C. §4903(a)(1) — At-closing PMI disclosure (non-exempt loans)
(1) Disclosures for non-exempted transactions In any case in which private mortgage insurance is required in connection with a residential mortgage transaction (other than a residential mortgage transaction described in section 4902(g)(1) of this title ), at the time at which the transaction is consummated, the mortgagee shall provide to the mortgagor—
12 U.S.C. §4903(a)(2) — At-closing midpoint disclosure (high-risk excepted)
In the case of a residential mortgage transaction described in section 4902(g)(1) of this title , at the time at which the transaction is consummated, the mortgagee shall provide written notice to the mortgagor that in no case may private mortgage insurance be required beyond the date that is the midpoint of the amortization period of the loan, if the mortgagor is current on payments required by the terms of the residential mortgage.
12 U.S.C. §4903(b) — Annual disclosure for pre-HPA legacy mortgages
(b) Disclosures for existing mortgages If private mortgage insurance was required in connection with a residential mortgage entered into at any time before the effective date of this chapter, the servicer shall disclose to the mortgagor in each such transaction in an annual written statement—
12 U.S.C. §4903(b) — Annual disclosure for pre-HPA legacy mortgages — enumerated items (chapeau recall fix)
(1) that the private mortgage insurance may, under certain circumstances, be canceled by the mortgagor (with the consent of the mortgagee or in accordance with applicable State law); and (2) an address and telephone number that the mortgagor may use to contact the servicer to determine whether the mortgagor may cancel the private mortgage insurance .