Skip to content
GeoDataVision
Thread Options Tools
#1987044 - 01/07/15 07:52 PM Providing a Written Amortization Schedule
Jsoconno Offline
100 Club
Jsoconno
Joined: Mar 2014
Posts: 176
North Carolina
When is the bank required to provide an amortization schedule to the borrower?

I believe the Homeowners Protection Act only requires one for fixed rate loans in which Private Mortgage Insurance is required and for which the loan is not high risk as determined in accordance with guidelines published by Fannie Mae and Freddie Mac. This schedule would have to be provided at closing.

Is this correct? Thanks in advance.
_________________________
Don't raise your voice. Improve your argument.


Return to Top
General Discussion
#1987513 - 01/09/15 01:23 PM Re: Providing a Written Amortization Schedule Jsoconno
Jsoconno Offline
100 Club
Jsoconno
Joined: Mar 2014
Posts: 176
North Carolina
Bump. I'm positive only the Homeowners Protection Act requires an amortization schedule. I don't see anything under RESPA or TILA regarding providing amortization schedules.

What I need clarification on is, under HOPA, is the trigger for sending the amortization schedule that the loan has a fixed rate and PMI was required?
_________________________
Don't raise your voice. Improve your argument.


Return to Top
#1987671 - 01/09/15 06:46 PM Re: Providing a Written Amortization Schedule Jsoconno
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,958
Bloomington, IN
Outside the HOPA requirement you've stated (which does have to be provided at closing) I'm not aware of any other requirement to provide the schedule unless of course it is required by your state law.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1987745 - 01/09/15 08:54 PM Re: Providing a Written Amortization Schedule Jsoconno
Jsoconno Offline
100 Club
Jsoconno
Joined: Mar 2014
Posts: 176
North Carolina
Thanks Dan. Have a nice weekend.
_________________________
Don't raise your voice. Improve your argument.


Return to Top