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.

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.

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?

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.