What is the difference between hoepa and hpml

Appraisals for Higher-Priced Mortgage Loans. Federally Insured Credit Unions. The overlap between the two rules is detailed later in this alert. For more information about the proposed rule, see [Link no longer available]. Note that you cannot charge fees for photocopying or to cover the cost of postage to provide copies of appraisals. If there is more than one applicant, you are required to give a copy of the disclosure and appraisal to only one of the applicants.

If you determine that you are not going to close a loan, you still must give the applicant a copy of the written appraisal within 30 days of determining the transaction will not close. These amounts are:. The rule also provides guidance on how to calculate the and day periods for prior sales.

If the price increase exceeds the above specified amounts, you must obtain an additional appraisal from a different certified or licensed appraiser unless an exemption applies. As of October 1st, all mortgage lenders must be fully compliant with the Truth in Lending amendment regarding Higher-Priced Mortgage Loans. Summarized below are the sources for finding the current APOR index, how to perform the computation and other steps for compliance.

The loan will be considered a higher-priced mortgage loan if the APR exceeds the index by:. On this site you will notice the following links which take you directly to the tables:. Nonetheless, there is a quick calculator available on the bottom right of the page that can be used to compare your APR to the index. Please note there is no answer box. The page will pop back up to the top and you need to scroll back down to see the answer on the blank space underneath.

If the rate spread exceeds 1. To view the tables themselves, click on the appropriate Fixed or Adjustable links. Both tables are provided in gigantic Excel spreadsheets that begin in the year The current weekly index will be over rows down.

Just trying to get a handle on some options out there we might not have considered. I need help with this HPML. Can you explain how you calculated that a 8. Did you add the. I'm sure he'll explain. Jenny01 - if you don't do escrows, I would suggest you conduct a review of your loans compared to the APORs for those time periods and see how many loans you would have had that would have qualified as high-risk.

We did this and fortunately we have a very small percent that would have been considered HPML. It gives us an idea of the number we are looking at within this category based on our price structures, and as it sounds like you will do, we may adjust our price structures. It shows the 15 yr was 4.

What am I doing wrong? OMG, I need help too,I must be looking at the wrong thing I was thinking the calculation for this example would be show 2. I think we all might be on prozac before this is all over. Now, I am really confused. Where does the. There is no additional work that needs to be done to the rate. Originally Posted By: MadMax.

Prov Take a second look. Previous Thread Index Next Thread. Print Thread. Thread Options.