112 STAT. 900 PUBLIC LAW 105-216—JULY 29, 1998 (1) on the termination date if, on that date, the mortgagor is current on the payments required by the terms of the residential mortgage transaction; or (2) on the date £tfter the termination date on which the mortgagor becomes current on the payments required by the terms of the residential mortgage transaction. (c) FINAL TERMINATION. —If a requirement for private mortgage insurance is not otherwise canceled or terminated in accordance with subsection (a) or (b), in no case may such a requirement be imposed beyond the first day of the month immediately following the date that is the midpoint of the amortization period of the loan if the mortgagor is current on the payments required by the terms of the mortgage. (d) No FURTHER PAYMENTS.— No payments or premiums may be required from the mortgagor in connection with a private mortgage insurance requirement terminated or canceled under this section— (1) in the case of cancellation under subsection (a), more than 30 days after the later of— (A) the date on which a request under subsection (a)(D is received; or (B) the date on which the mortgagor satisfies any evidence and certification requirement under subsection (a)(3); _ (2) in the case of termination under subsection (b), more ~~ than 30 days after the termination date or the date referred to in subsection (b)(2), as applicable; and (3) in the case of termination under subsection (c), more than 30 days after the final termination date established under that subsection. (e) RETURN OF UNEARNED PREMIUMS.— Deadline. (1) IN GENERAL. — Not later than 45 days after the termination or cancellation of a private mortgage insurance requirement under this section, all unearned premiums for private mortgage insurance shall be returned to the mortgagor by the servicer. Deadline. (2) TRANSFER OF FUNDS TO SERVICER.— Not later than 30 days after notification by the servicer of termination or cancellation of private mortgage insurance under this Act with respect to a mortgagor, a mortgage insurer that is in possession of any unearned premiums of that mortgagor shall transfer to the servicer of the subject mortgage an amount equal to the amount of the unearned premiums for repayment in accordance with paragraph (1). (f) EXCEPTIONS FOR HiGH RiSK LOANS. — (1) IN GENERAL.—The termination and cancellation provisions in subsections (a) and (b) do not apply to any residential mortgage or mortgage transaction that, at the time at which t^e residential mortgage transaction is consiunmated, has high risks associated with the extension of the loan— (A) as determined in accordance with guidelines published by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, in the case of a mortgage loan with an original principal balance that does not exceed the applicable annual conforming loan limit for the secondary market established pursuant to
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