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#1176501 - 05/05/09 10:05 PM Interest on Payoff
bgehres Offline
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Joined: Mar 2005
Posts: 126
Is it permissible on a non FHA loan to charge interest through the end of the month, regardless of when the payoff is submitted? I know this is the case with FHA but didn't think this was permissible on regular loans. I am dealing with a too big to fail bank on a refinance and they are requiring interest through the end of May for a payoff on the 15th.

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Lending Compliance
#1176543 - 05/06/09 02:52 AM Re: Interest on Payoff bgehres
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,651
Galveston, TX
It depends on the loan contract and the specific laws under which it is governed.
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#1177875 - 05/07/09 03:20 PM Re: Interest on Payoff rlcarey
bgehres Offline
100 Club
Joined: Mar 2005
Posts: 126
This was a regular FNMA/FHLMC 3200 note. I know there wasn't anything else in the docs because we originated and sold this note a couple of years ago.

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