Hpml 2025

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The document is a disclosure for Higher-Priced Mortgage Loans (HPML) issued by Michigan Mutual, Inc. It outlines the criteria for classifying a mortgage as HPML based on its Annual Percentage Rate (APR) in relation to the Average Prime Offer Rate (APOR). The document specifies requirements for HPMLs, including the necessity of an escrow account for taxes and insurance, appraisal conditions, and borrower acknowledgment of the loan's classification.

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What is considered an HPML loan?

Under the rule, a mortgage loan is an HPML if it is a closed-end transaction, secured by a consumers principal dwelling, and has an interest rate above a certain threshold, as described in more detail below.

Do HPML require two appraisals?

If the consumer is applying for an HPML to buy a flipped property, an additional appraisal is required if the price reflected in the consumers purchase agreement is a certain amount higher than the sellers acquisition price.

What is the HPML rule for FHA loans?

HPMLs are loans secured by consumers principal dwelling with an annual percentage rate (APR) exceeding the average prime offer rate (APOR)1 by: 1.5% or more on first lien mortgage which is a non-jumbo, non-FHA loan. 2.5% or more on first lien mortgage which is a jumbo loan. 3.5% on loans secured by second lien.

What loans are excluded from HPML?

Which loans are exempt from HPML requirements? Construction loans. Rural and underserved areas. Planned unit development or condo association insurance.

How do you determine if a loan is HPML?

Your mortgage will be considered a higher-priced mortgage loan (HPML) if the APR is a certain percentage higher than the APOR, depending on what type of loan you have: First-lien mortgages: If your mortgage is a first-lien mortgage, the lender of this mortgage will be the first to be paid if you go into foreclosure.

hpml disclosure

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What is considered a high balance mortgage loan?

A High-Balance Mortgage Loan is defined as a conventional mortgage where the original loan amount exceeds the conforming loan limits published yearly by the Federal Housing Finance Agency (FHFA), but does not exceed the loan limit for the high-cost area in which the mortgaged property is located, as specified by the