Interest Only
How do you calculate your monthly payment on an interest only loan?
Monthly payment = A*( A/R)/ 12
A= Amount borrowed
R= Annual interest Rate
N= Number of payments per year
In the buy down process what gets reduced?
Interest Rate
Who is entitled to SCRA?
Members of the Armed services who are on Active Duty or in Active Services can receive protection as well as their dependents.
True or False:
Does the interest only loan cover interest and principal?
False - Interest Only
Ultimately who benefits from the buy down process?
The Customer
True or False:
SCRA entitled applies to :
Active Service Members of the commissioned Corps of the public health Service.
Does the IO loan pay down the principal balance?
No
Where can a loan be identified as a buydown in MSP?
MAS1
What Code auto generate letters after opening SCR_ARQ task?
AR258
Where in MSP can you find the interest-only Expiration date?
MAS1/ PYT1
What MSP Screen Would show the buydown amount that will be deducted from the total payment?
SER1
The agent will open up _______________ task and inform the customer that they will have to provide RLMS with written notice and copy of Active Duty military orders.
SCR_ARQ
True or False:
A customer can get an IO loan on a 30 year and 40 year fixed rate loan?
True
Where can the original note and the initial subsidy amount be found in MSP?
PCH2 Screen
What is the maximum percentage during overseas deployment on an active duty campaign?
4%