DELETION OF AMBIGUOUS REFERENCES TO RESIDENTIAL MORTGAGES.

SEC. 403. DELETION OF AMBIGUOUS REFERENCES TO RESIDENTIAL MORTGAGES. (a) Termination of Private Mortgage Insurance.—Section 3 of the Homeowners Protection Act of 1998 (12 U.S.C. 4902) is amended— (1) in subsection (c), by inserting “on residential mortgage transactions” after “imposed”; and (2) in subsection (g) (as so redesignated by the preceding provisions of this title)— (A) in paragraph (1), in the matter preceding subparagraph (A), by striking “mortgage or”; (B) in paragraph (2), by striking “mortgage or”; and (C) in paragraph (3), by striking “mortgage or” and inserting “residential mortgage or residential”. (b) Disclosure Requirements.—Section 4 of the Homeowners Protection Act of 1998 (12 U.S.C. 4903(a)) is amended— (1) in subsection (a)— (A) in paragraph (1)— (i) by striking “mortgage or” the first place it appears; and (ii) by striking “mortgage or” the second place it appears and inserting “residential”; and (B) in paragraph (2), by striking “mortgage or” and inserting “residential”; (2) in subsection (c), by striking “paragraphs (1)(B) and (3) of subsection (a)” and inserting “subsection (a)(3)”; and (3) in subsection (d), by inserting before the period at the end the following: “, which disclosures shall relate to the mortgagor’s rights under this Act”. (c) Disclosure Requirements for Lender-Paid Mortgage Insurance.—Section 6 of the Homeowners Protection Act of 1998 (12 U.S.C. 4905) is amended— (1) in subsection (c)— (A) in the matter preceding paragraph (1), by striking “a residential mortgage or”; and (B) in paragraph (2), by inserting “transaction” after “residential mortgage”; and 114 STAT. 2958 (2) in subsection (d), by inserting “transaction” after “residential mortgage”.