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#659665 - 01/02/07 03:49 PM Residential Mortgage Loans with Annual Payments
Comply Offline
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Joined: Oct 2003
Posts: 291
What section of Reg Z would cover this. A residential mortgage loan set for 20 years with an annual payment only? Any regs against this?

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#660073 - 01/02/07 10:51 PM Re: Residential Mortgage Loans with Annual Payments Comply
Peach Offline
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Peach
Joined: Sep 2006
Posts: 179
Out West
We have several loans with Ag customers on their primary residences with annual payments and never had a problem. I believe we are looking at it as an income timing issue.

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#660481 - 01/03/07 07:17 PM Re: Residential Mortgage Loans with Annual Payments Peach
Comply Offline
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Joined: Oct 2003
Posts: 291
Any problems with Reg Z disclosures?

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#660487 - 01/03/07 07:20 PM Re: Residential Mortgage Loans with Annual Payments Comply
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,223
Galveston, TX
Any problems with Reg Z disclosures?

Not if you do it right

However, I would be sure to validate your APR software calculations prior to blindly relying on its calculation.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#660731 - 01/03/07 10:40 PM Re: Residential Mortgage Loans with Annual Payments rlcarey
Nikita, CRCM Offline
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Nikita, CRCM
Joined: Jan 2001
Posts: 210
Richmond, VA, USA
Would state law be an issue?

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#660841 - 01/04/07 02:01 PM Re: Residential Mortgage Loans with Annual Payments Nikita, CRCM
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
State law is always an issue to be considered.
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The opinions expressed are mine and they are not to be taken as legal advice.

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