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#147576 - 01/09/04 04:46 PM Unit Period - OCC APRWIN
SouthoftheBorder Offline
Gold Star
Joined: Feb 2002
Posts: 335
The South
"Why oh Why" am I struggling with this?...what is a "unit period"....when testing a 30 year premium priced ARM disclosure (7/1) the first payment stream on the OCC APRWIN screen I enter 84 months and "1" Unit Period - plus the odd days; and on the 2nd payment stream the APRWIN system automatically enters "85" unit periods.....is that correct?
Plus this loan was characterized as an "irregular loan"?..did I enter the wrong number of unit periods in the first payment stream?

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#147577 - 01/09/04 06:29 PM Re: Unit Period - OCC APRWIN
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
Without looking at the APR program, seems like if you use the calendar to enter loan date and first pymt dates, it will default unit periods for you.
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#147578 - 01/09/04 06:59 PM Re: Unit Period - OCC APRWIN
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,402
Florida
The unit period is the length of time between payments.

In most loans it would be one month. If you have a loan close on the 15th, you would have one unit period and 15 odd days for the 1st payment stream. If you have a real estate loan with an interest credit e.g. 2 days, then you would have 0 unit periods and 28 days until the first payment. (assuming loans closing in 30 day months) Yes, it is correct, because the 2nd payment stream starts XX months (unit periods) after the loan begins. They are autofilled.

There is a definition in the Help box on APRWIN. if you have any other questions, please send me a PM.
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#147579 - 01/09/04 07:33 PM Re: Unit Period - OCC APRWIN
SouthoftheBorder Offline
Gold Star
Joined: Feb 2002
Posts: 335
The South
That's what I understood unit periods to mean - it's when I entered info into the 2nd payment stream and APRWIN automatically entered the number "85" in the 'whole unit periods' section that threw me off.
The TIL goes like this: 84 mo @ $XXX and 276 mo x $XXXX

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