NMLS Flashcards: Identify Mortgage Insurance Requirements

Study Identify Mortgage Insurance Requirements in NMLS with focused flashcards that help you recognize the idea, recall the key rule, and apply it in practice-style prompts.

QUESTION

If a conventional loan reaches $78\%$ LTV on schedule and the borrower is current, what must happen to PMI?

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ANSWER

PMI must automatically terminate. HPA requires lenders to end PMI automatically at this point to prevent overcharging once risk decreases.

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What this deck covers

This deck focuses on Identify Mortgage Insurance Requirements, giving you a quick way to review the definitions, rules, and examples that matter most for NMLS.

How to use these flashcards

Work through these flashcards in short sessions. Try to answer each prompt before flipping the card, then revisit any cards you miss until the explanation feels automatic.

Practice questions

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