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#704726 - 03/21/07 10:29 PM Consumer First Payment
NM Tiger Offline
Member
Joined: May 2004
Posts: 79
New Mexico
A loan officer and I were discussing when to make a consumer customers first payment due. In both are minds we say 45 days, is there a ruling on this or is this just something that we have heard for years? I believe it has to do with not going into negative am.

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#704742 - 03/21/07 11:13 PM Re: Consumer First Payment
Cowboys Fan Offline
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Joined: Dec 2002
Posts: 4,623
SC
Previous thread should help
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#705000 - 03/22/07 03:23 PM Re: Consumer First Payment Cowboys Fan
NM Tiger Offline
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Joined: May 2004
Posts: 79
New Mexico
Thank you

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#705001 - 03/22/07 03:24 PM Re: Consumer First Payment Cowboys Fan
NM Tiger Offline
Member
Joined: May 2004
Posts: 79
New Mexico
Thank you

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#705109 - 03/22/07 04:55 PM Re: Consumer First Payment
#12 Offline
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Joined: Jun 2005
Posts: 1,343
You may also want to check your loan policy. Ours states that the first payment shall be no more than 45 days from the origination date.
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