A good payment history under the Home Owners Protection Act means no _____ lates in the last 24 months and no _____ lates in the past 12 months.

A good payment history under the Home Owners Protection Act is defined by specific criteria regarding the punctuality of mortgage payments. For a payment history to be considered good, it requires consistently on-time payments. Specifically, this means that there should be no late payments in the last 24 months and no late payments in the past 12 months.

This standard is crucial because the absence of late payments demonstrates the borrower's reliability and ability to manage their mortgage obligations, which plays an important role in determining the eligibility for features like the cancellation of private mortgage insurance (PMI).

In contrast, late payments, especially those occurring within the specified periods, would reflect negatively on the borrower's creditworthiness and payment habits, potentially affecting their mortgage terms or future loan applications. Thus, maintaining a clean record in these timeframes is essential for ensuring ongoing favorable mortgage loan conditions.