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#1815315 - 05/17/13 02:37 PM HPML apply to balloon note
BankerChic24 Offline
Junior Member
Joined: Jul 2011
Posts: 45
Midwest
We have a loan that the officer would to set up on a 15 year amortization and balloon in 10 years in order to keep the payment lower. When plugging the scenario into the FFIEC website to determine whether it is an HPML, what term would I use? 10 year adjustable or 10 year fixed?
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#1815318 - 05/17/13 02:40 PM Re: HPML apply to balloon note BankerChic24
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,759
OK
10 year fixed. Clarification: having a balloon doesn't make your loan variable rate. If the rate is fixed for 10 years and then balloons, it's still a 10 year fixed-rate loan.
Last edited by raitchjay; 05/17/13 02:43 PM.
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