In Release 4.7.2, we added a new field entitled “Add Construction Period to AM [Amortization] Schedule” (Field # 110464), to include the construction phase of a construction-to-perm loan to the Amortization Schedule (Cx12).
We will now be adding a global mapping to this field to exclude certain loans secured by “home loans” in North Carolina from having this functionality, due to the following provision:
“Not later than three business days after the home loan closing, the lender shall deliver or mail to the borrower an amortization schedule for the borrower’s home loan. Provided, however, that a lender shall not be required to provide an amortization schedule unless the loan is a fixed rate home loan that requires the borrower make regularly scheduled periodic amortizing payments of principal and interest; and provided further that, with respect to a construction/permanent home loan, the amortization schedule must be provided only with respect to the permanent portion of the home loan during which amortization occurs.” (N.C. Gen. Stat. Ann. § 24-1.1A[a1]; emphasis added)
Between this and the official definition of “home loan” (see Ibid. § 24-1.1A[e]), we will be globally mapping Field # 110464 to “No” when the following conditions are met:
- HELOC = No
- Lien Position = FirstLien
- Loan Amount Less than 300k = Yes
- Loan Purpose = ConstructionToPermanent
- State Code = NC
This change will take effect immediately. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.