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General Discussion
Residential Mortgage Loans with Annual Payments
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#659665
-
01/02/07
03:49 PM
Residential Mortgage Loans with Annual Payments
Comply
Gold Star
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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General Discussion
#660073
-
01/02/07
10:51 PM
Re: Residential Mortgage Loans with Annual Payments
Comply
Peach
100 Club
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
Gold Star
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
10K Club
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.
_________________________
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
100 Club
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
10K Club
Joined:
Aug 2002
Posts: 47,517
Bloomington, IN
State law is always an issue to be considered.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.
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