Answer:
This sounds like you have a 5/5 ARM. Regardless what index you use the HPML status will always be based on the APOR.
First published on BankersOnline.com 2/20/12
High Priced Mortgage Loan Requirements
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Question:
Do you know where I might go or who I would contact to ask questions concerning the High Priced Mortgage Loan requirement? We have a first mortgage loan that re-prices every 60 months with a 30 year maturity. The loan is based on WSJP + index. The parameters set up in the APOR do not fit our loan type?
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