The document coding logic that triggered the reference “See AP Table on page  for details” in the Monthly Principal & Interest row of the Loan Terms table of the LE and CD was separate from the logic triggering the Adjustable Payment (AP) Table itself. The Loan Estimate and Closing Disclosure have been modified to tie the logic together to use the coding currently triggering the AP table to trigger both the AP reference and the table. The AP reference will only appear in the Loan Terms table if there is a “YES” response in the “Can this amount increase after closing?” column, just as it does now.
There were two uncommon scenarios where the AP table was appearing, but the reference to the table was not:
- Temporary buydown loans, if the loan was set to reflect payment changes due to the buydown on the LE/CD, but not reflect the rate changes due to the buydown on the LE/CD.
- Deferred payment loans, if the deferred payment period ended before the loan term.
This logic change will be in effect immediately. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.