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 and the borrower has made property
improvements, the servicer must apply the acceptable payment record criterion to the length of time the
mortgage loan has been outstanding.
If a mortgage loan has been assumed by a new borrower, the servicer must not agree to the termination unless the new
borrower has a 24-month payment history for the mortgage loan.
For more information please see: B-8.1-04, Termination of Conventional Mortgage Insurance.