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Key features of the AFG Driving Sense balloon loan program include:
Although commonly used for second and commercial mortgages, balloon loans have only recently made their debut as a financing tool for first mortgages.
Among the new delinquent assets were 12 new matured balloon loan interests, one foreclosure, and three new credit impaired securities.
Among them were one term default, one matured balloon loan, one new credit impaired security, and one repurchased asset.
HOUSTON -- Auto Financial Group, an online provider of residual-based financing products for credit unions, today reported strong momentum for its DrivingSense balloon loan program.
Resolution activity in December was limited with only one prior delinquency removed - an extended matured balloon loan.
The fixed-rate Conti pools initially consisted of 15- to 30-year loans, with a 15-year balloon loan component usually accounting for approximately 30%-45% of the pool.
While 37 loan extensions were reported in July, only one consisted of a former matured balloon loan.
DrivingSense is a low-payment vehicle financing product that offers the lease-like benefits of a balloon loan to credit unions and their members.
Current loan terms for Freddie Mac's SBL offering include a hybrid ARM with initial 5-, 7-, or 10-year fixed-rate periods or 5-, 7-, or 10year fixed-rate balloon loans, all with up to a 30-year amortization.
7 billion in 2006-vintage five-year balloon loans reaching maturity.