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#1901436 - 02/28/14 09:16 PM Your Loan Term on GFE - Rounded?
MN Banker Offline
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Joined: Aug 2006
Posts: 980
Does anyone know if the loan term on the GFE can be rounded? Our LOS rounds the loan term DOWN, so for example, if the term is 186 months it would say 15 years rather than 15.5 years.

I cannot find anything to support or refute this, so thought I'd see if anyone else had something. Thanks!

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RESPA
#1901449 - 02/28/14 09:29 PM Re: Your Loan Term on GFE - Rounded? MN Banker
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 80,358
Galveston, TX

I cannot find anything to support or refute this....

And you won't.
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#1904166 - 03/11/14 04:34 PM Re: Your Loan Term on GFE - Rounded? MN Banker
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,025
Bloomington, IN
15 years is 180 months, not 186 months, therefore you are not properly disclosing the loan's term.

From Appendix C:

“ Summary of your loan ”—In this section, for all loans the loan originator must fill in, where indicated:

(i) The initial loan amount;

(ii) The loan term; and

(iii) The initial interest rate.


I see no option in Appendix C to round the term up or down.
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