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High Priced Mortgage Loan

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Question: 
I have a six month draw down line of credit to repair a 1-4 personal residence. The loan is to be termed out at maturity. The homeowners have builders risk only on the house right now and are living in a motor home on the property. Is this a HPML and if so, how do I escrow a six month loan?
Answer: 

See 226.35(a)(3). Temporary loans are exempt.

First published on BankersOnline.com 4/11/11

First published on 04/11/2011

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