Which law deals specifically with Private Mortgage Insurance (PMI)?

The law that deals specifically with Private Mortgage Insurance (PMI) is the Homeowners Protection Act (HPA). This legislation was enacted to provide consumers with certain protections regarding PMI, ensuring that homeowners are not required to pay for this insurance longer than necessary.

Under the HPA, homeowners have the right to request the cancellation of PMI when the value of their home reaches a certain point, typically when they have achieved a certain level of equity. Additionally, the act mandates that lenders inform borrowers of their rights related to PMI and when it can be canceled.

This focus on consumer protection and the specific provisions regarding PMI make the HPA the relevant law in this context. The other legislation mentioned, while impactful in regulating the mortgage industry, does not specifically address the issues surrounding PMI in the same detailed manner as the Homeowners Protection Act.