Scheduled Mortgage Payment

Scheduled Mortgage Payment

The amount the borrower is obliged to pay each period, including interest, principal, and mortgage insurance, under the terms of the mortgage contract.

Paying less than the scheduled amount results in delinquency; paying more results in a partial prepayment.

On FRMs and ARMs that do not allow negative amortization, the scheduled payment is the fully amortizing payment, unless the loan has an interest-only option for some period at the beginning, such as five or 10 years. In that case, the scheduled payment is the interestonly payment until the end of the interest-only period, when it becomes the fully amortizing payment.

On ARMs that allow negative amortization, the scheduled payment may be determined by the lender in a number of ways, which can change over the life of the instrument. Some of these ARMs also allow the borrower to elect from alternative payment plans during the early years of the loan. Whatever form the scheduled payment takes in the early years, however, at some point it becomes the fully amortizing payment.

References in periodicals archive ?
Under this structure, if the borrower misses a scheduled mortgage payment FNMA makes the missed mortgage payment and subsequent payments prior to scheduled bond debt service dates.
Lis Pendens filings are used as early indicators of real estate market trouble because it is the first step in a lender reclaiming ownership of mortgaged properties when scheduled mortgage payments are not made.
Delinquency in mortgage payments can arise for either, or sometimes both, of two reasons: The homeowner is unable to make scheduled mortgage payments because the owner has lost a job or because the monthly payments due have ballooned upward from enticingly low initial payments; or the homeowner is unwilling to make scheduled mortgage payments.
The guarantor has the option of paying the claim either in a lump sum amount covering principal and interest until mandatory bond redemption, or in periodic payments equal to scheduled mortgage payments.
The affirmations are due to the continued amortization, from scheduled mortgage payments.
The affirmations are due to the continued amortization, from scheduled mortgage payments as well as the principal paydown from the prepayment and release of five hotel properties, and improved operating performance over the past year.
The guarantor has the option of paying the claim either in a lump sum amount covering principal and interest until mandatory bond redemption or in periodic payments equal to scheduled mortgage payments.
Under the collateral agreement, FNMA is obligated to make regularly scheduled mortgage payments prior to interest payment dates.
The scheduled mortgage payments, net of escrow deposits, closely approximate the debt service requirements on the bonds.
Insurance claims for mortgage defaults are paid in cash either, at SONYMA's option, in an initial lump sum amount covering outstanding principal and accrued interest, or in periodic payments equivalent to the scheduled mortgage payments.