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#1887574 - 01/16/14 05:39 PM FFIEC Calc for 61 Month Balloon Mtg
rachelchri Offline
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Joined: Aug 2010
Posts: 165
Our Lenders were asking how to use the FFIEC Calculator for a Balloon Mortgage with a term of 61 months. Would you put in 5 or 6 years?

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Ability to Repay/Qualified Mortgage Rule
#1887603 - 01/16/14 06:15 PM Re: FFIEC Calc for 61 Month Balloon Mtg rachelchri
dblack Offline
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Joined: Feb 2008
Posts: 263
AL
In that case it would be 5 years.

You use the number of years closest to the actual term.
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#1887640 - 01/16/14 07:09 PM Re: FFIEC Calc for 61 Month Balloon Mtg rachelchri
trout22 Offline
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Joined: Nov 2004
Posts: 313
Not important in this situation but just FYI - per the FFIEC FAQ, when you have a number that's exactly halfway between two terms, you round DOWN.
I had to look that one up a few months back so I thought I'd share wink

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#1887646 - 01/16/14 07:15 PM Re: FFIEC Calc for 61 Month Balloon Mtg rachelchri
rachelchri Offline
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Joined: Aug 2010
Posts: 165
Thanks guys!!

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