Annual payment on GFE

Posted By: Here4Life

Annual payment on GFE - 03/11/10 06:32 PM

We have a loan that is going to be set up for annual payments. I know on the GFE these payments have to be converted to monthly, but what about the ETIL is it OK to show the payments as annual?
Posted By: RR Joker

Re: Annual payment on GFE - 03/11/10 07:12 PM

Your eTIL is a completely different disclosure and is how you accurately describe repayment and APR. Most definitely disclose it as it really is.
Posted By: Here4Life

Re: Annual payment on GFE - 03/11/10 09:31 PM

That's what I thought, just wanted to double check. Thanks!