Second Appraisals for HPMLs

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Higher-Priced Mortgage Loans can have a lot of compliance hoops to jump through. For instance, if the HPML is a first lien you generally must establish an escrow account for the payment of property taxes and any lender-required insurance (hazard, flood, mortgage, etc.). Keep in mind; however, there are some exceptions. For more on these requirements check out “Ability to Repay, QM, High-Cost & Higher-Priced Mortgage Loans” or “All About Escrowing & Escrow Accounts” OnDemand.

Another requirement for HPMLs is to obtain a second appraisal in certain circumstances.

Jerod explains more in the video.

 

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Published
2022/06/30
Jerod Moyer

Jerod Moyer

Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!

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