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#1589783 - 08/09/11 07:30 PM HPMLs-exempted rural and underserved communities
Pisces Offline
Member
Joined: Nov 2006
Posts: 67
Texas
Where do I go find rural and underserved communites and their exemption from the Higher Priced Mortgage loan provisions of Reg Z under the Dodd-Frank Act. My understanding is that escrow requirements are not applicable if communities are in this area.

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Lending Compliance
#1589923 - 08/10/11 12:12 AM Re: HPMLs-exempted rural and underserved communities Pisces
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,637
Galveston, TX
These regulations have not been issued at this time.
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#1590008 - 08/10/11 02:24 PM Re: HPMLs-exempted rural and underserved communities rlcarey
Sheldon Hendrix Offline
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Sheldon Hendrix
Joined: Jun 2006
Posts: 1,159
South
These rules are waaaay in the concept stage still. ABA is trying to encourage the CFPB to adopt a broad definition of "rural" and "underserved" to allow balloon loans to live.

By the way, the DFA mandates under Title XIV apply to all consumer mortgages, not just HPML's which are secured by a principal dwelling with a rate spread.

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#1627079 - 11/10/11 03:21 PM Re: HPMLs-exempted rural and underserved communities Sheldon Hendrix
Kari Offline
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Kari
Joined: Sep 2002
Posts: 131
PA
IS this still the case. My Pres came back from a conference and was told we may qualify for this "rural" exemption for HPML?

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#1627113 - 11/10/11 03:38 PM Re: HPMLs-exempted rural and underserved communities Kari
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,637
Galveston, TX
Not yet, the regulations regarding this have yet to be issued.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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