medium · National Real Estate Exam
In the context of conventional lending, what does the 'original value' of the property refer to when determining the schedule for private mortgage insurance (PMI) termination?
- The lesser of the sales price or the appraised value at the time of the loan's consummation.
- The sales price, regardless of what the appraisal shows.
- The value of the property according to the most recent tax assessment.
- The current market value as determined by a new appraisal requested by the borrower.
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