(a) PMI not requiredNothing in this chapter shall be construed to impose any requirement for private mortgage insurance in connection with a residential mortgage transaction.
(b) No preclusion of cancellation or termination agreementsNothing in this chapter shall be construed to preclude cancellation or termination, by agreement between a mortgagor and the holder of the mortgage, of a requirement for private mortgage insurance in connection with a residential mortgage transaction before the cancellation or termination date established by this chapter for the mortgage.
(Pub. L. 105–216, § 11, July 29, 1998, 112 Stat. 908.)
Statutory Notes and Related Subsidiaries
Effective DateSection effective 1 year after July 29, 1998, see section 13 of Pub. L. 105–216, set out as a note under section 4901 of this title.
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