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#1169303 - 04/23/09 08:08 PM TIL for ARMs
QueenBB Offline
100 Club
Joined: Jan 2006
Posts: 190
TX
Facts: 3/1 ARM,int rt 6.25,floor 6.25,annl adj,margin WSJP+2.0,cap 17.0,20 yr am
Payment stream should be:
36 pymnts at 6.25
1 pymnt at 8.25
1 pymnt at 10.25
1 pymnt at 12.25
1 pymnt at 14.25
1 pymnt at 16.25
198 pymnt at 17.0
1 last oddball AM I ON THE RIGHT TRACK?

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Lending Compliance
#1169324 - 04/23/09 08:20 PM Re: TIL for ARMs QueenBB
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Assuming you are referring to the final TIL.

No - the payments streams do not reflect an increase to the maximum rate allowed, but will only adjust to the current index and margin. Since WSJP is 3.25 + 2.00 margin = %5.25% - your loan will be disclosed at the floor rate of 6.25% for 360 payments.
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#1169344 - 04/23/09 08:29 PM Re: TIL for ARMs rlcarey
QueenBB Offline
100 Club
Joined: Jan 2006
Posts: 190
TX
Thank you! I am just brain dead this afternoon.

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