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Home Improvement Loan- HPML and Escrow?

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Question: 
I have a home improvement loan for 6 months. On the home improvement loan is it really considered a HPML and I should do Escrow?
Answer: 

If the home improvement loan is temporary (plan to refinance into a permanent type loan), then while it would be a HPML, it would be exempt from escrows under 1026.35(b)(2)(i)(C).

First published on 02/10/2019

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