Answer:
A Financial Institution reports “1” for any introductory interest rate period that is less than one whole month. Comment 4(a)(26)-5.
Reporting Introductory Rate Period (HMDA)
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Power Poster
Registered: 03/22/11
Posts: 7717
(71.232.55.53)
New HMDA requirements include reporting an introductory rate period. The regulation tells us to report the number of months until the first potential rate change with fixed rates being reported a "NA". Does that mean on a daily variable loan (generally rental properties) we report a "1" since the rate could change in less than one month?
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