Jen’s Cheat Sheet HPML (High Price Mortgage Loans) Flashcards
1
Q
HPML - #35 APE
High Price Mortgage Loan
What is the % of the First Lien?
The needy bitch
A
1.5% for First Lien
2
Q
HPML - #35 APE
High Price Mortgage Loan
What is the % of the Jumbo First Lien?
The needy bitch
A
2.5 % Jumbo First Lien Loans
3
Q
HPML - #35 APE
High Price Mortgage Loan
What is the % of the Subordanat Liens
The needy bitch
A
3.5 % Subordanat Liens
4
Q
HPML - #35 APE
High Price Mortgage Loan
Must have ATR
What is ATR?
A
Must have ATR
Ability to Repay
5
Q
HPML - #35 APE
High Price Mortgage Loan
What is the prepayment penalty?
The needy bitch
A
No Prepayment Penalty
(Unless in the first 2 years)
6
Q
HPML - #35 APE
High Price Mortgage Loan
Does the HPML require an escrow and how long?
A
High Price Mortgage Loan
HPML
Requires Escrow Tax & Hazard Insurence for the first five (5) years
