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.

Homeowners Protection Act (PMI Cancellation Act)1 The Homeowners Protection Act of 1998 (HPA or PMI Cancellation Act, or Act) was signed. into law on July 29, 1998, became effective on July 29, 1999, and was later amended on. December 27, 2000, to provide technical corrections and clarification.