MLchartDataset catalogue

PMI

Term · Law · MLC-T-LAW-003778

A type of insurance that protects the lender if a borrower defaults on a conventional loan. Borrowers are generally required to pay PMI when they make a down payment of less than 20% of the home's purchase price. Federal law, specifically the Homeowners Protection Act, governs the cancellation of PMI.

Table 1. Record
IdentifierMLC-T-LAW-003778
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-003778",
  "term": "PMI",
  "field": "Law",
  "definition": "A type of insurance that protects the lender if a borrower defaults on a conventional loan. Borrowers are generally required to pay PMI when they make a down payment of less than 20% of the home's purchase price. Federal law, specifically the Homeowners Protection Act, governs the cancellation of PMI.",
  "url": "https://mlchart.com/terminology/law/pmi/"
}

Record 3,799 of 5,441 in Law terminology (MLC-0107). Request the full dataset.