Yes, you do still have to meet the more than 50% criterion, or you will once section 1026.43(e)(6) sunsets on April 1, 2016. The law doesn't define what "operates" in a rural or underserved area means. That means that the Bureau has to interpret the requirement. Until it amends 1026.35(b)(2)(iii)(A), the criterion remains as found there.
As for junior liens, the count required by 1026.35(b)(2)(iii)(A) is of first lien covered transactions only. A junior lien loan isn't subject to the HPML escrow requirements anyhow. But, unless the lender is exempt under 1026.35(b)(2)(iii), a junior lien HPML could be subject to the HPML appraisal requirements in 1026.35(c) and the prohibitions in 1026.35(d).
Last edited by John Burnett; 02/02/16 06:52 PM.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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