Initial Interest℠ Mortgages

Initial Interest Mortgages are Mortgages that require (i) interest only payments for a specified period of time beginning with the first Mortgage term. Initial Interest Mortgages are not eligible for sale to Freddie Mac. Initial Period For ARMs, the Initial Period is the period from the Note Date of the Mortgage until the first Interest Change Date, expressed in months. The related ULDD Data Point name is Initial Fixed Period Effective Months Count. Interest Change Date For ARMs, the Interest Change Date is each date, as established in the Note, on which any adjustment in the Note Rate is effective.