I have read posts over the last year concerning Construction Loans and using APRWIN. As a matter of fact I really and truly thought that I had this issue down and things were going quite smoothly for some time now. However either I have totally forgotten something or we have something wrong here in our system due to an upgrade.
I know about keying in ODD days and I pretty much know where to key the figures in, but here is where I think I see the problem and need to double check myself.
In the field Annual Simple Interest Rate
it was my understanding that we are to key into this field the Interest Rate from the Actual Note. However when I do this everytime I get "Finance Charge is Understated"...
However...if I key into this field the Construction Interest Rate from the Note ALLONGE, which is usually Prime + whatever...then it comes out perfect!!!
I know I'm crazy...but I know that my notes say we use the NOTE amount and it's always been fine in the past so either I WAS doing it wrong or AM doing it wrong now....