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BankersOnline.com Forums Dodd-Frank Final Rules Discussions TRID - TILA/RESPA Integrated Disclosures Rule LE/CD Product Description
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#2214537 - 05/29/19 06:41 PM LE/CD Product Description
NoJustNo Offline
100 Club
Joined: Oct 2013
Posts: 221
Midwest
6 month interest only loan (balloon payment at maturity - exactly 6 months after loan date). Should the product for TRID be "6 mo. Interest Only, Balloon Payment, Fixed Rate"?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2214546 - 05/29/19 07:18 PM Re: LE/CD Product Description NoJustNo
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
6 month interest only, fixed rate
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2214792 - 06/03/19 06:45 PM Re: LE/CD Product Description NoJustNo
NoJustNo Offline
100 Club
Joined: Oct 2013
Posts: 221
Midwest
Thank you! I see my misstep!

However, let's say that the loan date was the 15th of the month and the maturity was the 12th... in that case it would be "5 months interest only, fixed rate" - right?

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#2214798 - 06/03/19 07:43 PM Re: LE/CD Product Description NoJustNo
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
Depends on how you utilize 1026.17(c)(4) and whether or not you ignore odd day periods for disclosure purposes.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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