Automatic Termination Guidelines for Single Family Principal/Second Home
Mortgages Closed On or After 7/29/99
Automatic termination: The earlier of (1) the date the mortgage balance is first scheduled to reach 78 percent of the original value; or (2) the mid-point of the amortization period.
Effective date: 7/29/1999
Mortgages Closed Before 7/29/99
Automatic termination: Mid-point of the amortization period
Effective date: 1/02/2001.