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#1399827 - 06/04/10 05:40 PM Rate Spread Calculator
mstark Offline
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mstark
Joined: Mar 2006
Posts: 336
Bank
When using the rate spread calculator we are to put the APR in. Our loan officers have been putting in the interest rate that they quote the customer. However, they should be putting in the apr after the fees and other charges are included in on the loan correct?
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Lending Compliance
#1399835 - 06/04/10 05:50 PM Re: Rate Spread Calculator mstark
Island Dreaming Offline
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Joined: May 2009
Posts: 218
midwest
Yep
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CRCM

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#1399872 - 06/04/10 06:39 PM Re: Rate Spread Calculator Island Dreaming
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,832
Bloomington, IN
Quote:
Our loan officers have been putting in the interest rate that they quote the customer.


You need to scrub 100% of these. You could very well have some violation (MDIA, HPML, etc) issues. If the rate spread on the LAR was based on the interest rate instead of the APR you are likely to have LAR entry errors also.
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The opinions expressed are mine and they are not to be taken as legal advice.

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