The Senate approved legislation late Wednesday that would automatically cancel private mortgage insurance when a borrower's equity in a home reaches 22%.

The House passed similar legislation Tuesday, but will have to vote on the bill again because senators tacked on an unrelated amendment that would guarantee medical students at a troubled Philadelphia hospital would continue receiving student loans. House lawmakers are expected to approve the amended legislation with no objection, a House Banking Committee spokesman said Thursday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.