Skip to content

Additional Disclosures for Closing HPML Loan?

Question: 
Are there additional disclosures required if a lender does choose to close an HPML loan when the loan fails HPML but passes Section 32?
Answer: 

Answer from Dan: There are no additional disclosures connected to loans subject to the 1026.35 requirements.

Answer: 

Answer from Andy: A caveat to Dan's answer is that you would review 1026.35 as there are some things that can't be included in your documents or are conditioned, such as prepayment penalty fees, and you may have new dislosures related to escrows. So there are special requirements pertaining to HPMLs, but not disclosures stating this is an HPML.

First published on BankersOnline.com 4/16/12

First published on 04/16/2012

Filed under: 
Filed under compliance as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics