The act protects homeowners by prohibiting life-of-loan PMI coverage for borrower-paid PMI products and establishing uniform procedures for the cancella- tion and termination of PMI policies.

Provident's Home Purchase Advantage (HPA) Affordable is a low down payment fixed rate mortgage product designed for creditworthy moderate to low income borrowers. Low down payment; as little as 3% down for home purchases²²⁹. Flexible sources of funds with no minimum contribution from borrower's own funds.

The Homeowners Protection Act protects homeowners by prohibiting life-of-loan PMI coverage for borrower-paid PMI products and establishing uniform procedures for canceling PMI coverage. The Consumer Financial Protection Bureau (CFPB) supervises and enforces compliance with the Homeowners Protection Act.

The Homeowners Protection Act (HoPA) of 1998 established rules for both automatic termination and borrower cancellation of Borrower-Paid Private Mortgage Insurance (BPMI) on certain home mortgages. HoPA requires that BPMI be cancelled when a borrower has built up a certain amount of equity in their home.