Be sure to JOIN US for our webinar, “Regulations B & Z Appraisal Requirements”.
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.
Published
2022/06/30