Finance
The purpose of the 'Homeowners Protection Act' (PMI Cancellation Act) is to allow Mississippi borrowers to:
ACancel their homeowner's insurance once the loan is paid off
BRequest cancellation of PMI when their loan-to-value ratio reaches 80%✓ Correct
CRefinance their mortgage at a lower rate
DTerminate their mortgage early without penalty
Explanation
The Homeowners Protection Act requires automatic PMI termination when the LTV reaches 78% and allows borrowers to request cancellation when LTV reaches 80%, provided they have a good payment history and the property hasn't declined in value.
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