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Scenario 1: No Payments Made
Scenario 1a: First Payment Date = Pool Issue Date
| Data Attribute | Value | Data Attribute | Value |
|
Pool Issue Date |
11/01/2020 |
1st Payment Date |
11/01/2020 |
|
Original Loan Amount |
187500.00 |
Last Paid Installment Date |
10/01/2020 |
|
Original Term |
360 |
Aggregate Curtailment Amount |
|
|
Note Rate |
3.50 |
Current UPB |
187500.00 |
|
P&I |
841.96 |
Issue Date UPB |
187204.91 |
Step-by-Step Instructions:
The loan must be amortized for one month to reflect the scheduled balance as of November, the month of issue, since no payments have been received from the borrower.
- Current UPB x Note Rate = Step 1 Sum
187,500.00 x 3.5 % = 6,562.50 - Step 1 Sum divided by 12 = Interest
6,562.50 / 12 = 546.87 - P&I – Step 2 Sum = Principal
841.96 – 546.87 = 295.09 - Current UPB - Principal = Issue Date UPB
187,500.00 – 295.09 = 187,204.91
Scenario 1b: First Payment Date 1 Month > Pool Issue Date
| Data Attribute | Value | Data Attribute | Value |
|
Pool Issue Date |
11/01/2020 |
1st Payment Date |
12/01/2020 |
|
Original Loan Amount |
187500.00 |
Last Paid Installment Date |
11/01/2020 |
|
Original Term |
360 |
Aggregate Curtailment Amount |
|
|
Note Rate |
3.50 |
Current UPB |
187500.00 |
|
P&I |
841.96 |
Issue Date UPB |
187500.00 |
The Issue Date UPB and the Current UPB on the loan will be the same since no payments have been made by the borrower. In addition, because the First Payment Date is greater than the November Pool Issue Date, the Issue Date UPB does not need to be reduced since no payment is expected/scheduled for November.
Scenario 1c: Same Month Pooling
| Data Attribute | Value | Data Attribute | Value |
|
Pool Issue Date |
11/01/2020 |
1st Payment Date |
01/01/2021 |
|
Original Loan Amount |
187500.00 |
Last Paid Installment Date |
12/01/2020 |
|
Original Term |
360 |
Aggregate Curtailment Amount |
|
|
Note Rate |
3.50 |
Current UPB |
187500.00 |
|
P&I |
841.96 |
Issue Date UPB |
187500.00 |
|
|
|
Note Date |
11/16/2020 |
The Issue Date UPB and the Current UPB on the loan will be the same since no payments have been made by the borrower. In addition, because the First Payment Date is greater than the November Pool Issue Date, the Issue Date UPB does not need to be reduced since no payment is expected/scheduled for November.
