Homeowners with a current ARM are prime targets for receiving information on refinance opportunities before their mortgage resets. Several of these homeowners may be prime candidates to convert to fixed rate loans, if the market conditions are right.
Or, you may want to suppress homes with an ARM for your next campaign.
The science behind the list...
The combination of First Change Date and Origination Date determines the type of ARM loan (2/28, 3/27, 5/25, etc.). Furthermore, First Change Date and Interest Rate Change Frequency (Monthly, Quarterly, Annually) determine the possible Next Change Date.
Sound complicated? Don't worry, we took the guess work out of selecting the right combination of criteria off of the Adjustable Rate Rider document and provide three easy ways to search for loans ready to hit their first or subsequent adjustment date.
There is much more data available off of the rate rider. Fore example, a ListSource user can specify an Interest Rate Index Type or a Prepay Penalty Expiration Date and incorporate them into any of the ARM searches.
Here's a sample of the type of data that you will receive from this list:
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