Federal Reserve Releases FAQs for Higher-Priced Mortgage Loans
On November 9th, 2009 the Federal Reserve Board released a Frequently Asked Questions (FAQ) document under the new Higher-Priced Mortgage Loan (HPML) requirements. The HPML requirements became effective October 1, 2009 and included a prohibition on making HPMLs without considering the consumer's repayment ability.
To see the new FAQs click here