And this thread isn't helping if you think it appies to first time homebuyers. It's first time borrowers when the periodic payment can result in negative amortization. In essence, if you offer a neg-am loan, you have to ask every applicant for that loan program whether he or she has ever borrowed money on a dwelling before.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8