Skip to content

HPML Calculation Performed Incorrectly-Remedy?

Answered by: 

Question: 
What if an HPML calculation was done incorrectly, later discovered to be an HMPL, and the first-mortgage loan closed without escrow? Is there a remedy?
Answer: 

The only way to remedy the situation is to establish an escrow for the loan or lower the rate so it's no longer an HPML.

First published on BankersOnline.com 6/4/12

First published on 06/04/2012

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