This month in our 4.8.24 ConformX software release changes are being made to our Amortization Schedule (Cx12) for Forgivable loans. Forgivable loans that are not disclosed as a balloon payment will now reflect the forgivable amount on the Amortization schedule at the desired frequency. The amount will populate a column on Cx12 titled “Forgivable Amount” in place of the “Interest Paid” column. This forgivable amount will be applied to both the “Remaining Balance” and “Resulting LTV” as the forgivable amounts are applied. Options for frequency of applying the forgivable amounts are Monthly, Quarterly, Semi-Annually, and Annually.
In addition to these software changes, when FI: 131865 (Forgivable Loan Indicator) = Yes the language at the bottom of the Schedule will be changed to:
“THIS AMORTIZATION SCHEDULE IS BASED ON THE TERMS SET FORTH ABOVE AND IT ASSUMES YOU COMPLY WITH ALL TERMS INCLUDED IN YOUR LOAN AGREEMENTS. IF YOUR LOAN HAS AN ADJUSTABLE RATE, THIS SCHEDULE INCLUDES HYPOTHETICAL INTEREST RATE AND PAYMENT CHANGES THAT MAY DIFFER FROM ACTUAL CHANGES ON YOUR LOAN.”
This change will be in effect on December 4, 2021 to coordinate with the software changes for Forgivable loans. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.