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U.S. Code as of:
01/19/04
Section 4904. Notification upon cancellation or termination
(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 chapter, 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) In general
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 4902 of this
title, 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) Timing
Notice required by paragraph (1) shall be provided -
(A) with respect to cancellation of private mortgage
insurance under section 4902(a) of this title, not later than
30 days after the later of -
(i) the date on which a request is received under section
4902(a)(1) of this title; or
(ii) the date on which the mortgagor satisfies any evidence
and certification requirements under section 4902(a)(3) (!1)
of this title; and
(B) with respect to termination of private mortgage insurance
under section 4902(b) of this title, not later than 30 days
after the scheduled termination date.
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