2512 Processing an Interest Only Loan

To process an Interest Only loan, follow the steps below:

1. Open the Prospect or Borrower file.
2. From the Menu bar, select Forms > Truth-in-Lending (Reg Z).
3. Under the Term and Due In fields is a box for Interest Only enter the number of months the Borrower will pay only interest.
4. Insert a check in the Qualify Ratios at the Interest Only Payment checkbox if you want the ratios to calculate from the interest only payment.
5. Click the Calculate button at the bottom left of the screen.