Good afternoon!
LO disclosed monthly FHA MI on initial and locked LEs as requiring 120 months of MI payments but should have disclosed 360 months of MI payments. I'm getting differing opinions from consultants as to whether now disclosing the correct MI payment stream on the CD (360 months of MI payments) is acceptable and won't require APR or finance charge tolerance issues. The APR and finance charge will be higher on the CD than on the locked LE due to the additional 240 months of MI factored in. Opinions encouraged.
Thanks!
_________________________
You're never too old to learn something stupid.