- Business Rules
For Loan Term can you use months or can you use decimals instead?The Loan Term should be stated in years or months, or both, as applicable.
Term >= 24 months and not equal to a whole number of years: 185 months = 15 yr. 5 mo.
Term < 24 months and does not equal to a whole number of years:
6 months = 6 mo.
16 months = 16 mo.
12 months = 1 year
Citation(s): §1026.37(a)(8) and Commentary ¶37(a)(8)(i) & (ii)
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here