Requirements
You must comply with the following table.
| For ARM Loans and SARM Loans with... |
The fixed rate amortization term will be... |
|---|
| Full-term interest-only |
360 months. |
- Partial interest-only or amortization,
- a fixed rate term greater than or equal to the original ARM Loan or SARM Loan term, and
- a most recent Property Condition Rating of 1 or 2
|
360 months. |
| Other characteristics |
equal to
- the original ARM LoanARM LoanMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents.
or SARM Loan amortization term (in months), minus
- the number of monthly payments (P&IP&IPrincipal and interest
or interest-only) since the Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower.
.
|
