source:
  type: regulation
  id: hpa-12usc-4903
  authority: 12 U.S.C. §4903 — Disclosure requirements
  description: 'HPA PMI disclosure section. At-closing disclosure for PMI

    (initial amortization schedule plus written cancellation/

    termination notice; ARM variant), high-risk midpoint-only

    disclosure, annual servicer disclosure for new-rule loans,

    annual disclosure for pre-HPA legacy loans, and integration

    with RESPA/IRS annual disclosures.

    '
obligations:
- id: hpa-12usc-4903-a
  canonical_id: hpa-12usc-4903-a
  section: 12 U.S.C. §4903(a)
  description: '(a): (a) Disclosures for new mortgages at time of transaction (1) Disclosures for non-exempted
    transactions In any case in which private mortgage insurance is required in connection with a residential
    mortgage transaction (other than a residential mortgage transaction described in section 4902(g)(1)
    of t…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 12 U.S.C. §4903(a)(1)
    source_class: hpa-statute
    source_url: https://www.law.cornell.edu/uscode/text/12/4903
    snapshot_id: 469f333ff61e0aa0
    fetched_at: '2026-05-24T00:46:53Z'
    content_hash: sha256:57130441711b7b099032c46c96267498013c77fefa9dda4e901ae25f1dc56698
    paragraph_quote: (a) Disclosures for new mortgages at time of transaction (1) Disclosures for non-exempted
      transactions In any case in which private mortgage insurance is required in connection with a residential
      mortgage transaction (other than a residential mortgage transaction described in section 4902(g)(1)
      of this title ), at the time at which the transaction is consummated, the mortgagee shall provide
      to the mortgagor— (A) if the transaction relates to a fixed rate mortgage —
    drafter_attestation: Verbatim subsection of 12 U.S.C. §4903 from Cornell LII snapshot 469f333ff61e0aa0;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: hpa-12usc-4903-i
  canonical_id: hpa-12usc-4903-i
  section: 12 U.S.C. §4903(i)
  description: '(i): (i) a written initial amortization schedule ; and (ii) written notice— (I) that the
    mortgagor may cancel the requirement in accordance with section 4902(a) of this title indicating the
    date on which the mortgagor may request cancellation, based solely on the initial amortization schedule;
    (II) that …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 12 U.S.C. §4903(a)(1)
    source_class: hpa-statute
    source_url: https://www.law.cornell.edu/uscode/text/12/4903
    snapshot_id: 469f333ff61e0aa0
    fetched_at: '2026-05-24T00:46:53Z'
    content_hash: sha256:57130441711b7b099032c46c96267498013c77fefa9dda4e901ae25f1dc56698
    paragraph_quote: (i) a written initial amortization schedule ; and (ii) written notice— (I) that the
      mortgagor may cancel the requirement in accordance with section 4902(a) of this title indicating
      the date on which the mortgagor may request cancellation, based solely on the initial amortization
      schedule; (II) that the mortgagor may request cancellation in accordance with section 4902(a) of
      this title earlier than provided for in the initial amortization schedule, based on actual payments;
      (III) that the requirement for private mortgage insurance will automatically terminate on the termination
      date in accordance with section 4902(b) of this title , and what that termination date is with respect
      to that mortgage; and (IV) that there are exemptions to the right to cancellation and automatic
      termination of a requirement for private mortgage insurance in accordance with section 4902(g) of
      this title , and whether such an exemption applies at that time to that transaction; and (B) if
      the transaction relates to an adjustable rate mortgage , a written notice that—
    drafter_attestation: Verbatim subsection of 12 U.S.C. §4903 from Cornell LII snapshot 469f333ff61e0aa0;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: hpa-12usc-4903-i
  canonical_id: hpa-12usc-4903-i
  section: 12 U.S.C. §4903(i)
  description: '(i): (i) the mortgagor may cancel the requirement in accordance with section 4902(a) of
    this title on the cancellation date, and that the servicer will notify the mortgagor when the cancellation
    date is reached; (ii) the requirement for private mortgage insurance will automatically terminate
    on the termi…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 12 U.S.C. §4903(a)(1)
    source_class: hpa-statute
    source_url: https://www.law.cornell.edu/uscode/text/12/4903
    snapshot_id: 469f333ff61e0aa0
    fetched_at: '2026-05-24T00:46:53Z'
    content_hash: sha256:57130441711b7b099032c46c96267498013c77fefa9dda4e901ae25f1dc56698
    paragraph_quote: (i) the mortgagor may cancel the requirement in accordance with section 4902(a) of
      this title on the cancellation date, and that the servicer will notify the mortgagor when the cancellation
      date is reached; (ii) the requirement for private mortgage insurance will automatically terminate
      on the termination date, and that on the termination date, the mortgagor will be notified of the
      termination or that the requirement will be terminated as soon as the mortgagor is current on loan
      payments; and (iii) there are exemptions to the right of cancellation and automatic termination
      of a requirement for private mortgage insurance in accordance with section 4902(g) of this title
      , and whether such an exemption applies at that time to that transaction. (2) Disclosures for excepted
      transactions In the case of a residential mortgage transaction described in section 4902(g)(1) of
      this title , at the time at which the transaction is consummated, the mortgagee shall provide written
      notice to the mortgagor that in no case may private mortgage insurance be required beyond the date
      that is the midpoint of the amortization period of the loan, if the mortgagor is current on payments
      required by the terms of the residential mortgage. (3) Annual disclosures If private mortgage insurance
      is required in connection with a residential mortgage transaction , the servicer shall disclose
      to the mortgagor in each such transaction in an annual written statement— (A) the rights of the
      mortgagor under this chapter to cancellation or termination of the private mortgage insurance requirement;
      and (B) an address and telephone number that the mortgagor may use to contact the servicer to determine
      whether the mortgagor may cancel the private mortgage insurance . (4) Applicability Paragraphs (1)
      through (3) shall apply with respect to each residential mortgage transaction consummated on or
      after the date that is 1 year after July 29, 1998 .
    drafter_attestation: Verbatim subsection of 12 U.S.C. §4903 from Cornell LII snapshot 469f333ff61e0aa0;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: hpa-12usc-4903-b
  canonical_id: hpa-12usc-4903-b
  section: 12 U.S.C. §4903(b)
  description: '(b): (b) Disclosures for existing mortgages If private mortgage insurance was required
    in connection with a residential mortgage entered into at any time before the effective date of this
    chapter, the servicer shall disclose to the mortgagor in each such transaction in an annual written
    statement— (1) th…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 12 U.S.C. §4903(a)(1)
    source_class: hpa-statute
    source_url: https://www.law.cornell.edu/uscode/text/12/4903
    snapshot_id: 469f333ff61e0aa0
    fetched_at: '2026-05-24T00:46:53Z'
    content_hash: sha256:57130441711b7b099032c46c96267498013c77fefa9dda4e901ae25f1dc56698
    paragraph_quote: (b) Disclosures for existing mortgages If private mortgage insurance was required
      in connection with a residential mortgage entered into at any time before the effective date of
      this chapter, the servicer shall disclose to the mortgagor in each such transaction in an annual
      written statement— (1) that the private mortgage insurance may, under certain circumstances, be
      canceled by the mortgagor (with the consent of the mortgagee or in accordance with applicable State
      law); and (2) an address and telephone number that the mortgagor may use to contact the servicer
      to determine whether the mortgagor may cancel the private mortgage insurance .
    drafter_attestation: Verbatim subsection of 12 U.S.C. §4903 from Cornell LII snapshot 469f333ff61e0aa0;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: hpa-12usc-4903-c
  canonical_id: hpa-12usc-4903-c
  section: 12 U.S.C. §4903(c)
  description: '(c): (c) Inclusion in other annual notices The information and disclosures required under
    subsection (b) and subsection (a)(3) may be provided on the annual disclosure relating to the escrow
    account made as required under the Real Estate Settlement Procedures Act of 1974 [ 12 U.S.C. 2601
    et seq.], or as …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 12 U.S.C. §4903(a)(1)
    source_class: hpa-statute
    source_url: https://www.law.cornell.edu/uscode/text/12/4903
    snapshot_id: 469f333ff61e0aa0
    fetched_at: '2026-05-24T00:46:53Z'
    content_hash: sha256:57130441711b7b099032c46c96267498013c77fefa9dda4e901ae25f1dc56698
    paragraph_quote: (c) Inclusion in other annual notices The information and disclosures required under
      subsection (b) and subsection (a)(3) may be provided on the annual disclosure relating to the escrow
      account made as required under the Real Estate Settlement Procedures Act of 1974 [ 12 U.S.C. 2601
      et seq.], or as part of the annual disclosure of interest payments made pursuant to Internal Revenue
      Service regulations, and on a form promulgated by the Internal Revenue Service for that purpose.
    drafter_attestation: Verbatim subsection of 12 U.S.C. §4903 from Cornell LII snapshot 469f333ff61e0aa0;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: hpa-12usc-4903-d
  canonical_id: hpa-12usc-4903-d
  section: 12 U.S.C. §4903(d)
  description: '(d): (d) Standardized forms The mortgagee or servicer may use standardized forms for the
    provision of disclosures required under this section, which disclosures shall relate to the mortgagor’
    s rights under this chapter. ( Pub. L. 105–216, § 4 , July 29, 1998 , 112 Stat. 902 ; Pub. L. 106–569,
    title IV ,…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 12 U.S.C. §4903(a)(1)
    source_class: hpa-statute
    source_url: https://www.law.cornell.edu/uscode/text/12/4903
    snapshot_id: 469f333ff61e0aa0
    fetched_at: '2026-05-24T00:46:53Z'
    content_hash: sha256:57130441711b7b099032c46c96267498013c77fefa9dda4e901ae25f1dc56698
    paragraph_quote: (d) Standardized forms The mortgagee or servicer may use standardized forms for the
      provision of disclosures required under this section, which disclosures shall relate to the mortgagor’
      s rights under this chapter. ( Pub. L. 105–216, § 4 , July 29, 1998 , 112 Stat. 902 ; Pub. L. 106–569,
      title IV , §§ 402(c)(2), 403(b), Dec. 27, 2000 , 114 Stat. 2957 .)
    drafter_attestation: Verbatim subsection of 12 U.S.C. §4903 from Cornell LII snapshot 469f333ff61e0aa0;
      body isolated between nav and notes; substring-verified.
  judgment: false
