It has been over a month since I turned in a loan to my broker. Not only did I turn one in today, but I was the first one to submit for the new Rate Reduction Program!
The RRP is something new for borrowers who plan on paying off their mortgage and would like to save on their total payments on interest. This loan makes an interest rate less than 5.00% possible. What’s weird is that the rate decreases over the first four years and typical amortization tables could not calculate it. So, at the request of the VP, I used my knowledge in MS Excel to create a loan officer tool that’d enable a person to calculate the savings with RRP compared to a borrower’s current loan or a standard 30- or 15-year loan.
I’m supposed to be paid for this project. We’ll see about that.