BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 20551
DIVISION OF CONSUMER
AND COMMUNITY AFFAIRS
CA
04-5
Supersedes CA 00-5
July 28, 2004
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS:
SUBJECT: The Homeowners Protection Act (HOPA) Revised Examination Procedures
Attached are revised examination procedures for the Homeowners Protection Act (77 KB PDF) (HOPA), which reflect technical corrections and clarifications to the Act.
The HOPA requires lenders or servicers to provide certain disclosures and notifications concerning private mortgage insurance (PMI) on loans secured by the consumer's primary residence consummated on or after July 29, 1999 . The Act also contains disclosure provisions for mortgage loans that closed before July 29, 1999 . In addition, the Act includes provisions requiring borrower-requested cancellation and automatic termination of PMI.
Please distribute these revised procedures to your examination staff for immediate use. If you have any questions about this information, contact the review examiner assigned to your district.
Sincerely,
(signed)
Shawn McNulty
Associate Director