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#1513186 - 02/22/11 09:47 PM Rate Spread
JUST CALL ME CRA Offline
100 Club
Joined: Aug 2002
Posts: 133
SOMEWHERE
Is there an error tolerance for rate spread or does it have to be exact?
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#1513192 - 02/22/11 09:52 PM Re: Rate Spread JUST CALL ME CRA
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,761
Bloomington, IN
There is no tolerance. If the rate spread is reported inaccurately due to an input error either on the LAR or the FFIEC calculator it is a reporting error.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1513332 - 02/23/11 02:34 PM Re: Rate Spread Dan Persfull
JUST CALL ME CRA Offline
100 Club
Joined: Aug 2002
Posts: 133
SOMEWHERE
Thanks. That's what I thought.
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#1514507 - 02/25/11 12:48 AM Re: Rate Spread JUST CALL ME CRA
Leonard Ryan Offline
Member
Leonard Ryan
Joined: Feb 2003
Posts: 64
Laguna Hills, CA
While there is no error tolerance you do have the selection of if you will round or truncate the results. Everyone in the mortgage industry uses thousandths (4.125%). HMDA decided to use hundredths (4.12 or 4.13). You can choose that at your option (I personally recommend truncating).

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