Michael Flynn will speak on the topic of “Regulation Z: HOEPA and Higher-Priced Mortgage Loans (HPML) Requirements and Regulations” at Lorman Seminar on May 18, 2022
Understand the various requirements for loans that meet the HPML definition.
The Regulation Z Higher-Priced Mortgage Loan (HPML) rule imposes numerous detailed, specific, and often operationally-burdensome requirements on defined higher-priced mortgage loans. These requirements require significant operational and compliance oversight and can invoke secondary market investors and other requirements. While the HPML rule has been in place for several years, the myriad details and impacts of this rule warrant complete refresher updates for all persons who deal with the issue, as well as thorough training for new employees. This course will help those working in underwriting and loan origination activities, and all those responsible for adherence to and oversight of HPML requirements, to understand the definition of HPML and what loans meet the definition; as well as the various requirements for loans that meet the HPML definition, such as when escrow accounts must be utilized, and the appraisal requirements specific to HPMLs. The course will also help you understand what regulators and agencies can enforce the HPML rule and possible penalties for violations. Finally, you will learn about some of the interplays between the HPML rule and investor requirements and how the HPML rule overlays and interacts with the qualified mortgage rule and the high-cost mortgage rule.
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