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#2037806 - 09/10/15 01:55 PM HPML-Property in different states
gms2013 Offline
Member
Joined: May 2013
Posts: 76
KY
I think I already know the answer but, would like another opinion. We have a property and the loan is considered a HPML. The property is located in 2 different adjoining states which means there are 2 different tax bills. We must escrow because its a first lien.
Would you think both tax bills would need to be escrowed?

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Escrows on Higher-Priced Mortgages
#2037811 - 09/10/15 02:09 PM Re: HPML-Property in different states gms2013
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Yes, you have to escrow for both jurisdictions. You will have to set them up with their own payment dates and escrow amounts, of course.
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#2037819 - 09/10/15 02:29 PM Re: HPML-Property in different states gms2013
gms2013 Offline
Member
Joined: May 2013
Posts: 76
KY
I thought so but, wanted to make sure.
thank you

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