Posted by ANS/MN on 1/27/06 11:28pm
Msg #91964

Response to Msg 91340 re: TAMI

There is a catch....the rate is a little higher and it is already accounted for in the Note.

I did an in office closing where the Branch Manager got involved because the borrower had not been informed that her loan required PMI. The manager pitched the TAMI to the borrower as more interest to deduct for taxes and keeping her monthly payments lower by not having to add the monthly PMI.

The monthly savings to the borrower clinched the deal after they went over all the numbers and options.

If I recall correctly, the increase in her rate wasn't more than .025, but I'm sure this varies from borrower to borrower.