Mortgage Renewal Difficulties
To file a claim for mortgage renewal difficulties, a claimant must prove that at least three financial institutions approved by the National Housing Agency refused to renew an existing first mortgage on the property at the standard going rate due to the PHAI.
To be awarded compensation, the claimant must prove that a financial institution applied a risk premium on the renewal because of a PHAI Project Event. No other factors, such as the credit score of the claimant(s), decreases in value of the property due to non-PHAI-related factors or an increase in mortgage amount, can have contributed to the decision by the financial institution to increase the mortgage rate.
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