Borrower Cancellation. a. A requirement for private mortgage insurance in connection with a residential mortgage transaction shall be canceled on the cancellation date or any later date that the mortgagor fulfills all of the requirements under paragraphs (i) through (iv), if the mortgagor: i. submits a request in writing to the servicer that cancellation be initiated; ii. has a good payment history with respect to the residential mortgage; iii. is current on the payments required by the terms of the residential mortgage transaction; and iv. has satisfied any requirement of the holder of the mortgage (as of the date of a request under paragraph (i)) for: a. evidence (of a type established in advance and made known to the mortgagor by the servicer promptly upon receipt of a request under paragraph (i)) that the value of the property securing the mortgage has not declined below the original value of the property; and b. certification that the equity of the mortgagor in the residence securing the mortgage is unencumbered by a subordinate lien.
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Sources: Settlement Agreement, Settlement Agreement, Settlement Agreement