Finance
The federal Homeowners Protection Act (HPA) requires lenders to automatically cancel PMI on a conventional loan when the LTV reaches:
A90%
B80%
C78%✓ Correct
D75%
Explanation
The Homeowners Protection Act requires automatic PMI cancellation when the LTV reaches 78% based on the original value and original amortization schedule (assuming the borrower is current on payments).
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