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#1377969 - 04/21/10 02:22 PM calculation for APY for mortgages
acslone Offline
New Poster
Joined: Nov 2009
Posts: 24
West Virginia
I was needing to know if there is a checklist for the calculation of the APY for mortgages? Since we have just started escrowing, we want to give our loan officers a "check list" to ensure we include what we should and leave out items that are not included. If anyone has such a list, I'd appreciate knowing where you got it.
Thanks up front!

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#1379009 - 04/22/10 01:54 PM Re: calculation for APY for mortgages acslone
Island Dreaming Offline
100 Club
Joined: May 2009
Posts: 217
acslone - If you are referring to items that are included (or not) in the APR calculation for loans, you may find the RESPA fee sheet and the Reg Z Finance Charges spreadsheets located on the BOL bankers tools page under Reg Z helpful. There is also a definition (and examples) of what is considered a finance charge in Reg Z itself and I have also found the Consumer Compliance Handbook chart helpful. Any of these could be given to your loan officers for reference and also used as audit tools.

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