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The requirement to cancel private mortgage insurance in connection with your loan on the date that the principal balance of you loan, based solely on the initial amortization schedule for your loan, is scheduled to reach 80 percent of the original value of your residence securing the loan.

In addition, private mortgage insurance may be canceled in connection with your loan earlier than the date provided for in your initial amortization schedule based on actual payments. Your cancellation date in that event is the date on which the principal balance of your loan reaches 80 percent of the original value of your residence based upon your actual payments. As an example, if you prepay principal on your loan.

The requirement for private mortgage insurance in connection with your loan will be canceled on the cancellation date if you have satisfied the following conditions?

  1. Submit a request in writing to the servicer of your loan that cancellation be initiated,
  2. Must have good payment history with respect to your loan, and
  3. Must have satisfied any reasonable requirement of the lender or current holder of your loan for evidence that the value of the residence securing your loan has not declined below the original value of the property and for certification that the equity in your residence has not been encumbered by a subordinate lien.
Automatic Termination

The requirement for private mortgage insurance in connection with your loan shall terminate on the date that the principal balance of your loan, based solely on the initial amortization schedule for your loan, is first scheduled to reach 78 percent of the original value of your residence securing your loan.

Automatic termination will only occur if you are current on the payments required by the terms of your loan. If you are not current on your payments, the requirement for private mortgage insurance will terminate on the date on which you become current on the payments required by the terms of your loan.

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