Your Complete Mortgage Software Solution

Sections

Home → Support → Knowledge Base → BytePro Knowledge Base → There is a paragraph about balloon payments on the continuation page of the 1003. What is that? Can I get rid of it?

Contact Support
Downloads
Compliance Updates
Knowledge Base
- BytePro Knowledge Base
  - On a 5/1 ARM, why does the 2011 TIL say "MAXIMUM during FIRST FIVE YEARS" when the payment actually adjusts at the beginning of the sixth year?
  - There is a paragraph about balloon payments on the continuation page of the 1003. What is that? Can I get rid of it?

There is a paragraph about balloon payments on the continuation page of the 1003. What is that? Can I get rid of it?

Fannie Mae has a new balloon notice requirement. More information is available here (at the bottom of the page) on the Special Notice for Balloon Mortgages.

The balloon text will print automatically on page 4 of the 1003 whenever number of months is entered in the 'Due In' field on the GFE - Loan Programs screen. If you would like to disable printing the text on the 1003, click 'Defaults' > '1003 Page 4' and check 'Omit Special Notice for Balloon Mortgages.'