If you MUST use an Ibase 5 loan, interest only, you could set up the P&I payment equal to your one month’s interest.   I think it would work since no money is going to principal the interest amount would stay constant.  

 

From: xxxxxx@marug.simplelists.com <xxxxxx@marug.simplelists.com> On Behalf Of Ruth E. Daniels
Sent: Thursday, November 4, 2021 11:56 AM
To: xxxxxx@simplelists.com
Subject: SilverLake MA-RUG RE: Interest only Amortized Mortgage

 

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I agree with Heather

 

Ruth E Daniels

Vice President – Credit Administration

The Dime Bank

120 Sunrise Avenue

PO Box 509

Honesdale PA  18431

570 253 6511 X 7713

xxxxxx@thedimebank.com

 

 

From: xxxxxx@marug.simplelists.com <xxxxxx@marug.simplelists.com> On Behalf Of Heather C. Shelby
Sent: Thursday, November 4, 2021 11:41 AM
To: 'xxxxxx@simplelists.com' <xxxxxx@simplelists.com>
Subject: SilverLake MA-RUG RE: Interest only Amortized Mortgage

 

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Last I knew, the system will not allow for Interest Only Ibase 5 loans. Ibase 5, by default, requires a P & I payment.

 

Heather Shelby

Retail Loan Servicing Supervisor

PO Box 6569

Ithaca, NY 14851

 

Office: (607) 274-2044 Ext. 19144

Toll free phone: (888) 240-4539

Fax: (607) 277-5440

Toll free fax: (800) 341-4558

xxxxxx@tompkinsfinancial.com

 

From: xxxxxx@marug.simplelists.com <xxxxxx@marug.simplelists.com> On Behalf Of Tracey, Karen
Sent: Thursday, November 4, 2021 11:27 AM
To: xxxxxx@simplelists.com
Subject: [EXTERNAL] SilverLake MA-RUG Interest only Amortized Mortgage

 

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Has anyone boarded an interest only I-Base 5 loan?  My Mortgage Dept. has a new product that is interest only with a balloon payment.  Their Note quotes a fixed interest payment amount which was calculated using amortized I-Base 5 interest.

 

Thank you,

 

Karen

 

Karen Tracey

 

AVP Loan Operations

Univest Financial Corporation

16 Harbor Place | PO Box 197 | Souderton, PA 18964

P (215) 721-8359 | F (215) 721-2472 |

xxxxxx@univest.net

 

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