CMG offers odd term amortizations on Conventional, FHA and VA fixed rate loans. There is a pricing hit of 0.15 for odd term amortization which is listed in the miscellaneous section found on page 2 and 3 of the daily rate sheet.
Note: The on line pricing engine has not been programmed with all the odd terms, so when locking the loan, pick the program code with the closest available term. Once locked, email the CMG Lock Desk at firstname.lastname@example.org with the loan number and specific term. The lock desk will update the system with the correct term and pricing and an updated lock confirmation will be posted to the loan.
Example: If the transaction is a 28 year term conventional loan, the Base Pricing will come from the 101 program. The rate sheet will show the different ranges of terms and the corresponding program code, e.g. “21 to 30 Year Fixed – 101”.