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#2281800 - 03/02/23 06:08 PM HPML Loan Types
MusicCityCRCM Offline
100 Club
Joined: Apr 2015
Posts: 228
This might be a dumb question but I am having trouble deciphering the reg on this. Can a balloon loan and/or an ARM also be HPML?

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Escrows on Higher-Priced Mortgages
#2281804 - 03/02/23 07:36 PM Re: HPML Loan Types MusicCityCRCM
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Yes.

1026.35(a)(1) “Higher-priced mortgage loan” means a closed-end consumer credit transaction secured by the consumer's principal dwelling with an annual percentage rate that exceeds the average prime offer rate for a comparable transaction as of the date the interest rate is set:
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2281805 - 03/02/23 07:37 PM Re: HPML Loan Types MusicCityCRCM
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,225
Galveston, TX
Sure - why not? It is all based on APR compared to the appropriate APOR.
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#2281808 - 03/02/23 07:44 PM Re: HPML Loan Types MusicCityCRCM
MusicCityCRCM Offline
100 Club
Joined: Apr 2015
Posts: 228
Thanks!

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