Common use of Original Amortization Clause in Contracts

Original Amortization. Term The number of months in which the loan would be retired if the amortizing principal and interest payment were to be paid each month. Loan Term and Amortization Type Numeric – Integer 360 999 Always >= 60 29 Original Term to Maturity The initial number of months between loan origination and the loan maturity date, as specified on the mortgage note. Loan Term and Amortization Type Numeric – Integer 60 999 Always >0 N/A 30 First Payment Date of Loan The date of the first scheduled mortgage payment to be made by the borrower as specified on the mortgage note. Loan Term and Amortization Type Date 20090914 YYYYMMDD Always “19010101” if unknown N/A 31 Interest Type Indicator Indicates whether the interest rate calculation method is simple or actuarial. Loan Term and Amortization Type Numeric – Integer 2 99 Always See Coding 1= Simple 2 = Actuarial 99 = Unknown