Servicing Guide

Published November 10, 2020

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What criteria determines if conventional mortgage insurance can be automatically terminated for borrowers who are current on their monthly payments?

The borrower’s payments are considered current if the payment due in the month preceding the scheduled termination date, or the mid-point of the amortization period, as applicable, was paid by the end of the month in which the payment was due.

The following table describes the action the servicer must take depending upon the status of the borrower’s payments.

If the borrower’s payments are... Then the servicer...

current and the mortgage loan is eligible for automatic termination based on its scheduled amortization

must terminate the MI immediately.

current and the mortgage loan is eligible for automatic termination based on the mid-point of the amortization period

must terminate the MI no later than the first day of the month following the mid-point date.

For more information please see: B-8.1-04 , Termination of Conventional Mortgage Insurance.

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