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#1782095 - 02/01/13 04:23 PM Higher Priced Mortgage Loan Definition
Cedar Point Guy Offline
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Cedar Point Guy
Joined: Nov 2009
Posts: 732
Cedar Point
Does anyone have a good definition of what exactly a higher priced mortgage loan is? I have read it in Reg. Z but looking for a very general definition for the bank as a whole.

thanks
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Lending Compliance
#1782100 - 02/01/13 04:28 PM Re: Higher Priced Mortgage Loan Definition Cedar Point Guy
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,388
Galveston, TX
I don't know how much clearer it could be. If the spread above the APOR is above the respective threshold, it is a HPML.
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#1782102 - 02/01/13 04:31 PM Re: Higher Priced Mortgage Loan Definition Cedar Point Guy
Soccer Offline
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Joined: Jan 2010
Posts: 1,028
Utopia
HPMLS are now defined as closed-end residential mortgage loans secured by the consumer's principal dwelling with an APR that exceed the average prime offer rate (APOR) for comparable transactions by the following thresholds:
1). 1,5 percentage points for a first lien conforming residential mortgage loan.
2). 2.5 percentage points for a first lien jumbo residential mortgage loan.
3). 3.5 percentage points for a subordinate lien residential mortgage loan.
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#1782116 - 02/01/13 04:50 PM Re: Higher Priced Mortgage Loan Definition Soccer
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
Originally Posted By: Soccer
HPMLS are now defined as closed-end residential mortgage loans secured by the consumer's principal dwelling with an APR that exceed the average prime offer rate (APOR) for comparable transactions by the following thresholds:
1). 1,5 percentage points for a first lien conforming residential mortgage loan.
2). 2.5 percentage points for a first lien jumbo residential mortgage loan.
3). 3.5 percentage points for a subordinate lien residential mortgage loan.


#2 will only apply to applications received on or after June 1, 2013.
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