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#1975462 - 11/10/14 03:23 PM HPML applicable to FHA loans?
WHEDA Offline
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WHEDA
Joined: Apr 2009
Posts: 189
Wisconsin
1) I seem to recall that FHA loans were granted an exemption under HPML because the APR will exceed the APOR in almost all instances primarily due to life-of-loan MIP? Is that correct? If yes, please provide a reference source.

2) Which reg imposes a limit on closing costs to not exceed 5% of the mortgage amount?

Thank you.

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#1975627 - 11/11/14 06:22 PM Re: HPML applicable to FHA loans? WHEDA
WHEDA Offline
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WHEDA
Joined: Apr 2009
Posts: 189
Wisconsin
Bump!

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#1975634 - 11/11/14 07:29 PM Re: HPML applicable to FHA loans? WHEDA
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,638
Galveston, TX
1) Exemption - No. See: http://portal.hud.gov/hudportal/documents/huddoc?id=FrDesCarGalaJun2013_Final.pdf

2) You are most likely referring to the points and fees test for a high cost mortgage.

http://www.bankersonline.com/regs/12-1026/12-1026-032.html
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