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There Must Be a Software Solution
by John Burnett and Andy Zavoina, BOL Gurus
Guru BIOS
Question: Is there software available to help me calculate the APR, ROR accuracy, high cost loans, and individual state compliance, i.e. Texas and compliance issues in general.
Answer by John Burnett: I have learned that there is a company working on many of these solutions, with the intent that they be available in modules that will operate on handhelds (PDAs) using the Palm operating system.
Answer by Andy Zavoina: There are several software answers, the OCC's APR software, APR Systems (Richard Insley) APRX handheld calculator and others. Richard's company is the one John mentioned that is developing software for the Palm OS if you have a PDA. There is a HOEPA calculator in the BOL Banker Tools. For state issues you may resort to creating worksheets in Excel or a programming language like Java.
I don't know of any that calculate.
First published on BankersOnline.com 5/23/05
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