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#2156723 - 12/09/17 04:40 PM Required HPML escrow on two loans?
Always In Training Offline
Diamond Poster

Registered: 07/11/06
Posts: 1074
Loc: Where the Green Grass Grows
Borrower bought a home a few years ago. It was an HPML, we haven't reached the end of 5 years. He recently lost his wife and wants to downsize and move closer to family. He has another home in mind, but won't be selling/paying off the 1st loan. So, he's applied for a new loan to purchase a primary dwelling. The ATR is there, I'm not worried about that, but the new loan will also be an HPML. He'll have to escrow on this home loan too - won't he?

Escrows on Higher-Priced Mortgages
#2156727 - 12/10/17 01:47 PM Re: Required HPML escrow on two loans? [Re: Always In Training]
rlcarey Online
10K Club

Registered: 07/16/01
Posts: 68582
Loc: Galveston, TX
Yes on the new loan as it will be his principal dwelling.
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