Title 12 Chap. 49 Sec. 4905

[steveherb]

TITLE 12 BANKS AND BANKING CHAP. 49 HOMEOWNERS PROTECTION SEC. 4905 Disclosure requirements for lender paid mortgage insurance.

I have a three year Option-Arm and I put down over twenty percent so I wouldn't have to pay the Principal Mortgage Insurance. Now three years later and behind in payments I recieved a phone call from my lenders insurance company calling to find out if I'm still here in the home. She explained about the L.P.M.I. my lender took out on me. I took out out the Option based on my brokers professional advice but it's too late to bring that up.

My questions are, " At what which point was my lender to inform me of a wriiten letter stating I was in a high risk loan.
Sections 4902 and 4094 don't apply. Does this mean since they knew I was a high risk borrower they still had no obligation to inform me causing me to pay a higher interest rate? Was this letter to be certified or on flie? Just found this title to be of interest and looking for a better explanation.

Thanks.