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Reply To: TRID Clarification on disclosing CP loans

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#11655

jholzknecht
Keymaster

Michele,

Are you questioning the product description? You described it as a 7/1 ARM. Is the rate fixed for the first 7 seven years with interest only payments for the first 12 months and fully amortizing payments for the next 6 years? If so a description of “1 year interest only, 7/1 Adjustable rate” would appear appropriate.