Do you make high priced mortgage loans (HPMLs)?
While that term seems to indicate they’re a bad thing, in reality they really aren’t. HPMLs just carry a little more baggage than other types of loans you may make. For instance, if you originate a first-lien HPML, you are required to escrow for taxes and insurance. That’s just one of the several things you need to be aware of if you make an HPML.
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Jerod explains the other things you need to consider in the video.
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Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar, or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups, and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.
Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports related!