There are no exclusions to this rule correct (ie. renewal of an exisiting account)...If it is an HPML it is an HPML even if we are renewing an existing account.

Thanks.

If by renew, you mean modify and extend, then that is not subject to the HPML rules (although i think there are ideas in the works to even change that). If by renew, you mean refinance and do a new note, then HPML does apply.

thanks...that's what I thought

I'm dealing with that issue right now. Can you cite a reference as to why an extension or renewal (no new note) would not be subject to HPML?

I think a modification/extension must not meet the definition of a "consumer credit transaction".

You need to look at the definition of a refinance in 226.20. If it is a refinance, then it is subject to HPML.

Be careful - some modifications and renewals would be subject where others would not. For example, if you are renewing a construction loan into permanent financing using the same instrument you use for other normal renewals, those would be subject to HPML status. Most "renewals" are not subject to HPML though.