Posted By: Nicole
Balloon Loan Small Creditor - 12/10/18 11:58 PM
Please forgive me if this has gone around a couple times. I have been out of the compliance world for a few years and now got back into it and my head is spinning.... In order to do balloon home loans a small creditor must meet the asset size, amount of mortgage loans your originate and must have originated at least one loan in a rural or undeserved area. Correct?
if we don't meet the "rural or underserved" can we originate balloon loans with the ATR requirements? If so you must do a balloon term of 61 months or more and you don't have to consider the balloon payment in the DTI?
thank you all so much!
if we don't meet the "rural or underserved" can we originate balloon loans with the ATR requirements? If so you must do a balloon term of 61 months or more and you don't have to consider the balloon payment in the DTI?
thank you all so much!