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Cancel HPML Escrow

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  • May 11, 2016 at 1:23 pm EDT #9201
    elebra
    Participant

    If a borrower wants to stop escrowing, and the loan is a HPML, can we lower the rate until the loan is no longer a HPML and not have to meet the cancel criteria for HPMLs?

    May 16, 2016 at 11:31 pm EDT #9207
    rcooper
    Member

    HPML status is determined based on the APR compared to the APOR on the date the rate is set. I don’t think a subsequent decrease in rate would affect the status – that has already been determined.

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