Posted By: JulesB
HELOC-Historical Sample With Rate Floor - 02/05/02 05:34 AM
I am in the process of updating our historical sample (15 year table) and need some ideas on how to disclose the fact that we have instituted a rate floor for new HELOC's. Our current historical sample uses a margin of 2% above the index (Chase Prime). The current index is 4.75%, but our floor is 7%. Any ideas/guidance out there???