Posted By: AuditorK
HPML and escrow - 09/29/09 12:30 PM
I was asked a question the other day that I think I know the answer too, but I can't find anything to support it.
If we make an HPML between 10/1/09 and 3/31/10, we won't need to start escrow on those loans come 4/1/10 correct? Escrow would only be required for loans originated on or after 4/1/10? In essence, we have a period of 6 months that we only have to comply with the other restrictions (repayment ability, prepayment penalties)?
If we make an HPML between 10/1/09 and 3/31/10, we won't need to start escrow on those loans come 4/1/10 correct? Escrow would only be required for loans originated on or after 4/1/10? In essence, we have a period of 6 months that we only have to comply with the other restrictions (repayment ability, prepayment penalties)?