Mapa mental
HPMLs/ part of reg Z
Contenido del mapa
HPMLs/ part of reg Z
Also know as sec 35
- Appraisial Requirements
- Safe Harbor
- Orders the appraiser to perform the appraisal in compliance with USPAP and FIRREA
- Uses the National Registry to verify that the appraiser is certified or licensed in the state where the appraised property that is securing the loan is located
- Confirms that the written appraisal meets each of the requirements of Appendix N
- Has no knowledge contrary to the facts of certifications contained in the appraisal
- Confirms that the written appraisal meets each of the requirements of Appendix N
- Uses the National Registry to verify that the appraiser is certified or licensed in the state where the appraised property that is securing the loan is located
- Orders the appraiser to perform the appraisal in compliance with USPAP and FIRREA
- Creditor must provide a disclosure no later then the 3rd business day
- Creditor must provide the completed appraisal no later then 3 business days prior to consummation
- NO FEES for appraisal copies
- Sometimes 2 appraisals are required to curb the practice of property flipping
- NO FEES for appraisal copies
- Creditor must provide the completed appraisal no later then 3 business days prior to consummation
- Safe Harbor
- Appraisial Requirements
Higher Priced Mortgage Loans
Escrow accounts
- Must be established and maintained for a minimum of five years
- Escrow not required for subordinate lien HPMLs, A transaction secured by shares in a cooperative, a transaction to finance the initial constuction of a dwelling, a reverse mortgage, open-end credit, insurance premiums purchased by the consumer and not required by the creditor
Applies to closed end loans that are secured by the borrower's principal dwelling that surpass a given threshold
Small Creditor Expemtion
- Qualifications
- During any of the 3 preceding years, the creditor extended more than 50% of covered transactions secured by a first lien on residential real property in countries qualified as "rural" or "underserved"
- The combined first-lien originations of the creditor and its affiliates did not exceed 500 loans during the preceding calendar year
- At the end of the preceding calendar year, the creditor had assets worth less the $2 billion
- Neither the creditor nor its affiliates maintain an escrow account for any extension of consumer credit secured by real property or a dwelling that the creditor or its affiliate currently services
- At the end of the preceding calendar year, the creditor had assets worth less the $2 billion
- The combined first-lien originations of the creditor and its affiliates did not exceed 500 loans during the preceding calendar year
- During any of the 3 preceding years, the creditor extended more than 50% of covered transactions secured by a first lien on residential real property in countries qualified as "rural" or "underserved"
- Qualifications
Información
- Descripción
- Higher priced mortgage loans
- Creado por
- andrea.browne
- Visitas
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- Etiquetas
- Valoración