Title pretty much sums
Rate a rate spread for a loan with a 15 year fixed rate term, APR of 4.35, Lock in date of 11/14/2012 secured by a first lien. It come up with a rate spread of 1.56.

I ran the same factors instead using a 10 year fixed rate term. The rate spread came up NA.

Anyone have any idears as to why?

The APOR table shows 2.79 for a 15 year loan as of 11-12-2012, but 3.88 for a 10 year loan, so you have less wiggle room on the 15 year.

APOR as of 11/12/2012 for 15 year is 2.79 + 1.50 = 4.29 threshold thus causing your loan to be HPML

10 year APOR is 3.88 + 1.50 = 5.38 threshold

Because the APOR is 3.88 for a 10 year term and 2.79 for a 15 yr term.


****I'm too slow!!!