New Govt Regulation: HIGHER PRICED MORTGAGE LOANS (HPML) !!!

[HLS]

If the APR on a first-lien transaction is equal to or greater than APOR + 1.5%, the loan will be
considered a Higher Priced Mortgage Loan.

If the APR on a subordinate-lien transaction is equal to or greater than APOR + 3.5%, the
loan will be considered a Higher Priced Mortgage Loan.

The Average Prime Offer Rate (APOR) is published by the Board of Governors of the Federal
Reserve System once per week and is posted on the Federal Financial Institutions Examination
Council’s website. To determine if a loan is a Higher Priced Mortgage Loan, you must utilize the
APOR published the week the interest rate is locked.

ELIGIBLE PRODUCTS
Certain products may be closed as higher priced mortgage loans. If the APR on a loan falls into the
HPML category, the product must be eligible in order to close and fund. Please refer to the ineligible
product section to determine if a product is eligible or ineligible.
Please note, in April 2010, transactions deemed to be Higher Priced Mortgage Loans will not be
allowed to have an escrow waiver.

INELIGIBLE PRODUCTS
Loans with the following characteristics are not eligible to close as a Higher Priced Mortgage Loan. If
the product is ineligible, the APR must be reduced in order to close and fund. These loans must
close below the maximum allowable APR so that the loan is not considered HPML.

Adjustable Rate Mortgage (ARM) – Conventional & Government
1/1 ARM
3/1 ARM
5/1 ARM
FHA loans
VA Interest Rate Reduction Refinance Loans (IRRRL)
Freddie Mac Relief Refinance
Any loan with a pre-payment penalty

This has nothing to do with credit scores, loan amount, down payment or equity, but can complicate getting a loan and a lock expiration… Do you feel safer now ???… HLS

[jpinpb]

HLS – If you could see my face, you would see a very glazed look in my eyes. I’m feeling pretty stupid right now. Maybe it’s getting late for me. What the hell? I don’t even understand what I just read. Explain in English, please.

[jpinpb]

HLS – If you could see my face, you would see a very glazed look in my eyes. I’m feeling pretty stupid right now. Maybe it’s getting late for me. What the hell? I don’t even understand what I just read. Explain in English, please.

[jpinpb]

HLS – If you could see my face, you would see a very glazed look in my eyes. I’m feeling pretty stupid right now. Maybe it’s getting late for me. What the hell? I don’t even understand what I just read. Explain in English, please.

[jpinpb]

HLS – If you could see my face, you would see a very glazed look in my eyes. I’m feeling pretty stupid right now. Maybe it’s getting late for me. What the hell? I don’t even understand what I just read. Explain in English, please.

[jpinpb]

HLS – If you could see my face, you would see a very glazed look in my eyes. I’m feeling pretty stupid right now. Maybe it’s getting late for me. What the hell? I don’t even understand what I just read. Explain in English, please.

[luxuryglow]

HLS,
Please help me understand…. ummm

[luxuryglow]

HLS,
Please help me understand…. ummm

[luxuryglow]

HLS,
Please help me understand…. ummm

[luxuryglow]

HLS,
Please help me understand…. ummm

[luxuryglow]

HLS,
Please help me understand…. ummm

[HLS]

I wish I could tell you that this is a joke,, I just saw this email tonight for the first time,, and have no idea who came up with this..

It could be the aides of Barney Frank, Chris Dodd, Chuck Schumer and Maxine Waters. The 4 of them combined couldn’t come up with something as stupid as this if their life depended on it..

There was another regulation that went into effect on July 30th, again to “protect” consumers called MDIA.. It is a costly program that has complicated many loans already and will not fix anything..

My eyes are glazed too. I’ll figure it out before Oct 1st.

[HLS]

I wish I could tell you that this is a joke,, I just saw this email tonight for the first time,, and have no idea who came up with this..

It could be the aides of Barney Frank, Chris Dodd, Chuck Schumer and Maxine Waters. The 4 of them combined couldn’t come up with something as stupid as this if their life depended on it..

There was another regulation that went into effect on July 30th, again to “protect” consumers called MDIA.. It is a costly program that has complicated many loans already and will not fix anything..

My eyes are glazed too. I’ll figure it out before Oct 1st.

[HLS]

I wish I could tell you that this is a joke,, I just saw this email tonight for the first time,, and have no idea who came up with this..

It could be the aides of Barney Frank, Chris Dodd, Chuck Schumer and Maxine Waters. The 4 of them combined couldn’t come up with something as stupid as this if their life depended on it..

There was another regulation that went into effect on July 30th, again to “protect” consumers called MDIA.. It is a costly program that has complicated many loans already and will not fix anything..

My eyes are glazed too. I’ll figure it out before Oct 1st.

[HLS]

I wish I could tell you that this is a joke,, I just saw this email tonight for the first time,, and have no idea who came up with this..

It could be the aides of Barney Frank, Chris Dodd, Chuck Schumer and Maxine Waters. The 4 of them combined couldn’t come up with something as stupid as this if their life depended on it..

There was another regulation that went into effect on July 30th, again to “protect” consumers called MDIA.. It is a costly program that has complicated many loans already and will not fix anything..

My eyes are glazed too. I’ll figure it out before Oct 1st.

[Author]

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