[chichi63]

The name of the game is consistency. Either do one or the other, but you absolutely cannot have a mixed bag.

[chichi63]

I think everyone is in shock that a bank is heading down that path. LOL!

[chichi63]

Make sure you obtain the policy and read it thoroughly. These policies generally only cover the “shell”. Some finishes which normal homeowners policies cover won’t be covered (granite countertops, marble tubs, tile showers, hardwood flooring, etc.). This type of insurance is problematic when trying to obtain renewals. You are basically at the mercy of the person running the homeowners association.

[chichi63]

Jack,

I think I’m now confused even more. 99% of our installment loans disclose both the VSI and filing fees on the TIL (generally because they are part of the amount financed). On occasion these fees are paid in cash and have not been included in the TIL calculation, nor in the itemization of amount financed.

Are they now prepaid finance charges? Sorry for the elementary questions, but I’m fairly new at this.

[chichi63]

One more question:

Does the initial ARM disclosure have to be acknowledged by the consumer? That is, does it have to be signed?

[chichi63]

The initial rate was directly off the bank’s rate sheet based on credit score. So it sounds like there shouldn’t be an issue.

[chichi63]

It’s not discounted. The initial rate is higher than the rate + margin.

[chichi63]

I’m sorry. This is the initial loan. As I’m reviewing the note, the initial index and margin do not equal the interest rate.

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