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Canceling HPML escrows

Answered by: 

Question: 
On an HPML, can the customer cancel their escrow account if the loan has been on the books for more than 5 years?
Answer: 

Once 5 years has passed, the borrower can request that their escrow account be cancelled. The loan must be current and the loan to value must be less than 80%, based on the original property value. The bank has the option to grant or deny the borrower’s request.
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First published on 08/13/2017

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