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Included in this section are:
i. Definition
ii. Standard
i. Definition
A Mortgage Insurance Termination is the ending of FHA Single Family mortgage insurance at which time the Mortgagee’s obligation to remit MIP to HUD ends. Upon termination, the Borrower and Mortgagee will enjoy only those rights, if any, to which they would be entitled under the National Housing Act if the insurance contract terminated as a result of the insured Mortgage being paid in full.
ii. Standard
(A) Termination of Mortgage Insurance HUD terminates the FHA insurance contract as follows:
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