The field “Print Balloon Payment Disclosure” (FI 143027) is used to trigger balloon disclosures to print for other types of loans which have a balloon payment feature such as:
- Loans with deferred payments for the life of loan;
- Interest-only payments for the life of loan; and
- Interest-only, construction-only loans.
The global mapping outlined in our previous announcement that sets Print Balloon Payment Disclosure to “Yes” has been updated. The logic for deferred payment and interest only payment loans to determine if there is a balloon payment has been updated to verify that the Maturity Date (FI 15368) has a value before comparing it to the First Principal and Interest Payment Date After Deferral (FI 42418) and First Principal And Interest Payment Date (FI 22826).
This change will be in effect February 19, 2022 and is available for testing on Stage 1 and Stage 2 servers. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.