Understaning how many months a loan has left in tapes
Good morning fellow BP investors, I recently started getting tapes with no column that shows the amount of months left for the loan, a crucial bit of information.
If i take the next due date and the maturity date and subtract the two, will that always give me the correct amount of months left? I think it is but i wanna make sure I am not missing anything or there is some condition in which this does not apply.
I'll subtract the maturity date and next due, but then check it by calculating the remaining payments using the P&I, interest rate and UPB. Sometimes they don't sync and you learn there was a loan mod or something that the seller didn't point out.
#3 Tax Liens & Mortgage Notes Contributor
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- Kingston, WA
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#3 Tax Liens & Mortgage Notes Contributor
- Investor
- Kingston, WA
I I would request that data from the person sending you the tape!
Complete tangent: I love it that the collection of loan information is called a tape. As if we are still in the magnet tape world when it comes to data transfers.
Of the phrase, loan book. As if the loans are written down in a book/ledger. Go back long enough and that was how the loans were recorded.
Boy, have things moved on given what we do with the things in our hands. Even when we call them a phone rather than a portable computer.
#1 All Forums Contributor
- Investor
- Virginia
@Michael Vaughn
I do not trust the tape. It is in excel so if you use the NPER formula and put in the interest rate (divided by 12), the payment (negative) and the UPB it will tell you how many payments remain.
Thank you