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#1336945 - 02/03/10 08:04 PM APOR Timeframe
Ninky Offline
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Ninky
Joined: Nov 2002
Posts: 357
When the APOR index is updated each Friday, does that rate cover loans for the next Monday - Saturday? I am trying to find out what index date would apply to a Saturday application.

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#1337000 - 02/03/10 08:57 PM Re: APOR Timeframe Ninky
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,637
Galveston, TX
Are rates locked on the day of application for a loan? It is not the application date. You compare the date the loan closes or the date when the rate is locked.
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#1337138 - 02/03/10 11:56 PM Re: APOR Timeframe rlcarey
Ninky Offline
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Ninky
Joined: Nov 2002
Posts: 357
We have stated pricing. No negotiating. (These are not purchase money mortgages.) The rate when they apply is the rate they will close with. So my interpretation is that rates are set on Friday to cover the upcoming Monday through Saturday. Is that the way you understand it?

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#1337189 - 02/04/10 02:31 AM Re: APOR Timeframe Ninky
jlroberts Offline
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jlroberts
Joined: Sep 2009
Posts: 1,579
Ohio
We compare the APOR on the date the rate is locked (which for us can be the application date up to the day before closing depending on the loan product the borrower choses) to the APR on the date the loan closes. That is what we have been doing on the FFIEC website so I hope that is correct.

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