I have a question in regards to the Product field on the Loan Estimate for Construction Permanent loans.
The customer has decided on a construction perm loan. Our product is interest only for the construction phase of one year, then the customer can choose between 3, 5 or 7 years fixed, then adjustable each year following. Our LEs state one year interest only, 6/1 Adjustable Rate. Shouldn't the LE state one year interest only, 5/1 adjustable rate? It seems to be misleading to the customer by disclosing this way. Additionally, wouldn't this mess up the AIR Table info?