For a 12 mo interest only loan, is 'Year 1 Interest Only, Fixed Rate' appropriate for the description? OR do we have to put it as "12 month Interest Only, Fixed Rate'?

we put " 1 Year Interest Only, Fixed Rate" .

Thanks zozo. I'm about to go crazy!

1 year should be good to go based on the Commentary to §1026.37(a)(10) #3(ii) Here's my summary of that:

Any time period less than 24 months that does not equate to a number of whole years must be disclosed in whole months followed by “mo.”

Welcome to Bankers' Threads, zozo. You've got it right. "1 Year Interest Only, Fixed Rate"

Thank you, John! This is very encouraging Banker's thread is one of my best compliance friends

For a 12 month interest only loan---- What about the product description: "11 mo. interest only fixed rate"? This is the description that was seen recently in a webinar on TRID and construction loans.