3917415
Description
Mind Map by andrea.browne, updated more than 1 year ago
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Created by andrea.browne
about 9 years ago
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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
- 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
- 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
- Must be established and
maintained for a minimum
of five years
- 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
- 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
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