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#2081561 - 06/02/16 06:25 PM The loan has a term of not longer than 12 months
terpsfan Offline
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Would odd days be included in determining whether a loan is more than 12 months? For example we have a 12 month and 3 day bridge loan that has non-escrowed flood insurance.

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Flood Compliance
#2081750 - 06/03/16 05:34 PM Re: The loan has a term of not longer than 12 months terpsfan
rlcarey Offline
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rlcarey
Joined: Jul 2001
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Galveston, TX
Yes
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#2081767 - 06/03/16 05:59 PM Re: The loan has a term of not longer than 12 months terpsfan
terpsfan Offline
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That is what I thought but we have a bridge loan that matures in two months and it seems silly to send the optional escrow notice.

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#2081859 - 06/03/16 09:27 PM Re: The loan has a term of not longer than 12 months terpsfan
rlcarey Offline
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rlcarey
Joined: Jul 2001
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Galveston, TX
You sure it wasn't an HPML to begin with???
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#2081907 - 06/06/16 12:35 PM Re: The loan has a term of not longer than 12 months terpsfan
terpsfan Offline
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Joined: Feb 2007
Posts: 1,989
Yes it was not a HPML based on the rate spread but the same applies to it as well correct that odd days would count in determining 12 months or greater right?

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#2081934 - 06/06/16 02:22 PM Re: The loan has a term of not longer than 12 months terpsfan
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,923
Galveston, TX
Yes
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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