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#2086925 - 07/06/16 11:00 PM amortization schedule required? on home loan
Chocaholic Offline
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Joined: Aug 2005
Posts: 443
Northwest
Please help- where does it require an amortization schedule to be provided on a 1-4 family mortgage loan. It seems to me perhaps under the ARM section (CD) but I am not finding anything....

Thank you!

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TRID - TILA/RESPA Integrated Disclosures Rule
#2086931 - 07/07/16 12:19 PM Re: amortization schedule required? on home loan Chocaholic
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
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#2087002 - 07/07/16 04:03 PM Re: amortization schedule required? on home loan Kathleen O. Blanchard
Chocaholic Offline
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Joined: Aug 2005
Posts: 443
Northwest
Thank you - have an examiner who thinks it is required on any home mortgage loan ( LTV 65% no PMI)?

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#2087007 - 07/07/16 04:28 PM Re: amortization schedule required? on home loan Chocaholic
Docs Offline
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Joined: May 2016
Posts: 241
Ask the examiner for the regulatory citation...
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#2087008 - 07/07/16 04:32 PM Re: amortization schedule required? on home loan Chocaholic
burke116 Offline
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Joined: Jun 2014
Posts: 543
RVA
Only required on fixed-rate mortgages that require PMI, check out page 4 of the link KB posted:

Initial Disclosures for Fixed Rate Residential Mortgage Transactions
When PMI is required for non high risk fixed rate mortgages, the lender must provide to the borrower at the time the transacĀ­tion is consummated: (i) a written initial amortization schedĀ­ule, and...

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#2087127 - 07/08/16 12:35 PM Re: amortization schedule required? on home loan Chocaholic
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,911
Galveston, TX
Are they saying that you should be giving one to the borrower or that the bank should maintain one in the bank's loan records. With the new LE/CD format, if you don't have one in the bank's records, recalculating the Loan Comparison disclosures to make sure they are accurate will be nearly impossible. There is no requirement to give one to the borrower outside of what has already been mentioned.
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