Non-Standard Mtgs & Standard Mtgs

Home Forums Compliance Masters Group (Members Only) Non-Standard Mtgs & Standard Mtgs

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
  • #4077
    Mary Frances

    We are trying to determine how to calculate a payment on a Interest Only Non-Standard Mortgage for the purpose of refinancing into a Standard Mortgage.
    In 1026.43(d)(5)(i) it says to calculate the monthly payment for a non-standard mortgage based on substantially equal, monthly, fully amortizing payments of P&I
    using…. We understand the fully indexed rate but are unsure of what term to use to calculate the P&I Payment.
    Typically we would do a 1 year term for an Interest Only payment so what Amortization would we use to calculate the P&I Payment? Would a 1 year Interest Only loan be considered “short term” therefore not apply?

Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.