H.R.3637 - Private Mortgage Insurance Technical Corrections and Clarification Act106th Congress (1999-2000)
Summary: H.R.3637 — 106th Congress (1999-2000)
Private Mortgage Insurance Technical Corrections and Clarification Act - Amends the Homeowners Protection Act of 1998, with respect to the definition of " cancellation date" to replace "amortization schedules" with, and define,"amortization schedule then in effect" for purposes of adjustable rate mortgages.
Introduced in House (02/10/2000)
Includes balloon mortgages within the definition of "adjustable rate mortgages."
States that if a residential mortgage loan is modified (with mortgagor-mortgagee agreement) the cancellation date, termination date, or final agreement shall be recalculated to reflect such modifications.
(Sec. 4) Extends mortgage insurance cancellation rights beyond the cancellation date for a qualifying borrower who is current on required payments.
(Sec. 5) Revises the automatic termination date with respect to a mortgagor who is not current on payments as of the mortgage termination date.
States that the cancellation or termination of private mortgage insurance shall not affect the rights of any mortgagee, servicer, or insurer to enforce any accrued obligation for premium payments.
(Sec. 6) Revises specified definitions.