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#2188621 - 08/09/18 07:20 PM Brand New to mortgage lending
Anonymous
Unregistered

We have decided to enter the world of mortgage lending, and received our first application today. When pricing, it appears it will be an HPML, which I know has additional requirements. When looking at the escrow exemption, I see we need to qualify for all 4 criteria. I’m good with number of transactions, asset size, and maintaining escrow accounts. However, since we’ve never done mortgage lending, we haven’t originated a covered transaction in a rural or underserved area. Does this mean we will need to escrow? I feel like we shouldn’t have to, but we don’t meet the exemption unless there is something I’m missing.

Thanks in advance!

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#2188826 - 08/11/18 12:52 PM Re: Brand New to mortgage lending Anonymous
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Not missing a thing. All four requirements must be met whether you previously made mortgage loans or not.
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