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#2249862 - 02/26/21 07:40 PM Trigger Terms?
Community Banker Offline
100 Club
Joined: Nov 2008
Posts: 129
We are trying to update our website and describe our loan products. Would these be considered trigger terms?

Up to 100% financing available for qualified applicants
84 month option requires a minimum amount financed of $xxx.xxx and a credit score of XXX for all borrowers on the loan

Thank you for any help you can provide!

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#2249865 - 02/26/21 08:19 PM Re: Trigger Terms? Community Banker
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
24(d)(1) Triggering Terms

2. Payment period. i. The number of payments required or the total period of repayment includes such statements as:

A. 48-month payment terms.

B. 30-year mortgage.

C. Repayment in as many as 36 monthly installments.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2249870 - 02/26/21 09:39 PM Re: Trigger Terms? Community Banker
Richard Insley Online
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,179
Toano, VA
"84 months" is a trigger term. Downpayment is a trigger term ONLY in credit sales (for example sales of OREO that are financed by the bank.)
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...gone fishing.

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#2249926 - 03/01/21 08:58 PM Re: Trigger Terms? Community Banker
Community Banker Offline
100 Club
Joined: Nov 2008
Posts: 129
Thank you both!

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#2252730 - 04/21/21 03:41 PM Re: Trigger Terms? Community Banker
TryingtoComply Offline
Diamond Poster
Joined: Apr 2013
Posts: 2,199
The West
Deleted - the answer to my question was already provided. smile
Last edited by TryingtoComply; 04/21/21 03:53 PM.
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TryingToComply
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