Servicing Guide

Published September 9, 2020

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How is an acceptable payment history determined when reviewing a mortgage loan for borrower-initiated termination of conventional mortgage insurance based on the original value of the property?

An acceptable payment record is achieved when the mortgage loan

  • is current when the termination is requested, which means the mortgage loan payment for the month preceding the date of the termination request was paid;

  • has no payment 30 or more days past due in the last 12 months; and

  • has no payment 60 or more days past due in the last 24 months.

Note: When assessing the payment history for a mortgage loan that has been outstanding for fewer than 24 months (or for a new borrower who assumed a mortgage loan within the last 23 months), the servicer must apply the acceptable payment record criterion to the length of time the mortgage loan has been outstanding (or that has elapsed since the new borrower assumed the mortgage loan).

The 12- and 24-month payment histories must be measured backward from the later of the date

  • the balance is first scheduled to reach, or actually reaches, 80% of the original value of the property; or

  • the borrower actually requests termination.

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

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