Navigation:  Loan Screens > Account Information Screen Group > ARM Information Screen > ARM Detail tab > P/I Payment field group > Initial Notice Date

Entry: User, checkbox

F/M: Yes

Mnemonic: M1ITDT

Screen: Loans > Account Information > ARM Information > ARM Detail tab

 

The Initial Notice Date field controls if and when an Initial Rate Change Notices (FPSRP314) will be generated. In addition, a loan must be a payment method 7, or a payment method 6 with the Use ARM Fields box checkmarked and the General Category 1-39.

 

The Truth in Lending Act (Reg Z) requires that an Initial Rate Change notice be provided to consumers that have an adjustable rate mortgage (ARM) that is a closed-end consumer credit transaction secured by the consumer’s principal dwelling in which the annual interest rate may increase after consummation. If the new interest rate (or the new payment calculated from the new interest rate) is not known as of the date of the notice, then an estimate must be disclosed and identified as an estimate. Refer to the actual regulation for additional information pertaining to the notice requirements.

 

This notice is a rendered form, meaning that preprinted forms are not used. Headings, logos, etc., are printed at the time the notice is generated. Notices can be printed at your office, eliminating the need for GOLDPoint Systems to print and ship them to you. In addition, complete copies of notices, including logos, boxes, and headings, are stored in GOLDView, providing you with the ability to reprint an exact copy of the notice.

 

For more information, see the Initial Rate Change Notices (FPSRP314) documentation on DocsOnWeb.