US Code

Public Law 119-73 (01/23/2026)

12 U.S.C. § 4903

Disclosure requirements

(a)

Disclosures for new mortgages at time of transaction

(1)

Disclosures for non-exempted transactions

section 4902(g)(1) of this titleIn any case in which private mortgage insurance is required in connection with a residential mortgage transaction (other than a residential mortgage transaction described in ), at the time at which the transaction is consummated, the mortgagee shall provide to the mortgagor—
(A)
if the transaction relates to a fixed rate mortgage—
(i)
a written initial amortization schedule; and
(ii)
written notice—
(I)
section 4902(a) of this title that the mortgagor may cancel the requirement in accordance with indicating the date on which the mortgagor may request cancellation, based solely on the initial amortization schedule;
(II)
section 4902(a) of this title that the mortgagor may request cancellation in accordance with earlier than provided for in the initial amortization schedule, based on actual payments;
(III)
section 4902(b) of this title that the requirement for private mortgage insurance will automatically terminate on the termination date in accordance with , and what that termination date is with respect to that mortgage; and
(IV)
section 4902(g) of this title that there are exemptions to the right to cancellation and automatic termination of a requirement for private mortgage insurance in accordance with , and whether such an exemption applies at that time to that transaction; and
(B)
if the transaction relates to an adjustable rate mortgage, a written notice that—
(i)
section 4902(a) of this title the mortgagor may cancel the requirement in accordance with on the cancellation date, and that the servicer will notify the mortgagor when the cancellation date is reached;
(ii)
the requirement for private mortgage insurance will automatically terminate on the termination date, and that on the termination date, the mortgagor will be notified of the termination or that the requirement will be terminated as soon as the mortgagor is current on loan payments; and
(iii)
section 4902(g) of this title there are exemptions to the right of cancellation and automatic termination of a requirement for private mortgage insurance in accordance with , and whether such an exemption applies at that time to that transaction.
(2)

Disclosures for excepted transactions

section 4902(g)(1) of this titleIn the case of a residential mortgage transaction described in , at the time at which the transaction is consummated, the mortgagee shall provide written notice to the mortgagor that in no case may private mortgage insurance be required beyond the date that is the midpoint of the amortization period of the loan, if the mortgagor is current on payments required by the terms of the residential mortgage.

(3)

Annual disclosures

If private mortgage insurance is required in connection with a residential mortgage transaction, the servicer shall disclose to the mortgagor in each such transaction in an annual written statement—
(A)
the rights of the mortgagor under this chapter to cancellation or termination of the private mortgage insurance requirement; and
(B)
an address and telephone number that the mortgagor may use to contact the servicer to determine whether the mortgagor may cancel the private mortgage insurance.
(4)

Applicability

Paragraphs (1) through (3) shall apply with respect to each residential mortgage transaction consummated on or after the date that is 1 year after .

(b)

Disclosures for existing mortgages

If private mortgage insurance was required in connection with a residential mortgage entered into at any time before the effective date of this chapter, the servicer shall disclose to the mortgagor in each such transaction in an annual written statement—
(1)
that the private mortgage insurance may, under certain circumstances, be canceled by the mortgagor (with the consent of the mortgagee or in accordance with applicable State law); and
(2)
an address and telephone number that the mortgagor may use to contact the servicer to determine whether the mortgagor may cancel the private mortgage insurance.
(c)

Inclusion in other annual notices

12 U.S.C. 2601The information and disclosures required under subsection (b) and subsection (a)(3) may be provided on the annual disclosure relating to the escrow account made as required under the Real Estate Settlement Procedures Act of 1974 [ et seq.], or as part of the annual disclosure of interest payments made pursuant to Internal Revenue Service regulations, and on a form promulgated by the Internal Revenue Service for that purpose.

(d)

Standardized forms

The mortgagee or servicer may use standardized forms for the provision of disclosures required under this section, which disclosures shall relate to the mortgagor’s rights under this chapter.

Pub. L. 105–216, § 4112 Stat. 902Pub. L. 106–569, title IV114 Stat. 2957(, , ; , §§ 402(c)(2), 403(b), , .)

Editorial Notes

References in Text

section 13 of Pub. L. 105–216section 4901 of this titleThe effective date of this chapter, referred to in subsec. (b), is 1 year after , see , set out as an Effective Date note under .

Pub. L. 93–53388 Stat. 1724section 2601 of this titleThe Real Estate Settlement Procedures Act of 1974, referred to in subsec. (c), is , , , which is classified principally to chapter 27 (§ 2601 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under and Tables.

Amendments

Pub. L. 106–569section 4902(g)(1) of this titlesection 4902(f)(1) of this title2000—Subsec. (a)(1). , §§ 402(c)(2)(A)(i), 403(b)(1)(A), substituted “residential mortgage transaction (other than a residential mortgage transaction described in )” for “residential mortgage or mortgage transaction (other than a mortgage or mortgage transaction described in )” in introductory provisions.

Pub. L. 106–569, § 402(c)(2)(A)(ii)section 4902(g) of this titlesection 4902(f) of this titleSubsec. (a)(1)(A)(ii)(IV), (B)(iii). , (iii), substituted “” for “”.

Pub. L. 106–569section 4902(g)(1) of this titlesection 4902(f)(1) of this titleSubsec. (a)(2). , §§ 402(c)(2)(B), 403(b)(1)(B), substituted “residential mortgage transaction” for “mortgage or mortgage transaction” and “” for “”.

Pub. L. 106–569, § 403(b)(2)Subsec. (c). , substituted “subsection (a)(3)” for “paragraphs (1)(B) and (3) of subsection (a)”.

Pub. L. 106–569, § 403(b)(3)Subsec. (d). , inserted before period at end “, which disclosures shall relate to the mortgagor’s rights under this chapter”.

Statutory Notes and Related Subsidiaries

Effective Date

section 13 of Pub. L. 105–216section 4901 of this titleSection effective 1 year after , see , set out as a note under .