What steps are taken to accurately check to make sure the APR was calculated correctly? Do you use the information provided on the TIL or do you need to use the amortization schedule to determine when the PMI would reach the initial cutoff at 80% and put that payment stream in the calculator? I've started with a different bank and they don't use the software I'm famimiar with... My old job we just entered the information from the TIL and the software did it's thing. My new employer uses APRWIN... so I'm not sure. Any assistance is greatly appreciated. I tried to do a search for this and wasn't able to locate anything specifically about this exact topic.

Thank you

First, calculate the monthly renewal premium amount(s). The initial premium level may step down a time or two before the loan reaches the automatic termination point--78% LTV. Calculate the P&I schedule (if the loan is an ARM, refer to Comment #10 in the Official Interpretations of Section 1026.17(c)(1).) Layer the monthly MI renewal premiums over the P&I amount(s) in order to reconstruct the entire payment schedule. Verify the AF and then load it all into APRWIN. Cross your fingers.

So I would need to know the actual breakdown in order for APRWIN to calculate it correctly... See what happens when you get spoiled with systems that do that work for you!!

Thank you!

It's fine to use tools that do the work for you, but it's important to know how to "do it by hand."

Do we need to redisclose the final TIL if we overstated the APR?

It appears the loan had PMI then was changed to lender paid PMI. The amort schedule was not changed and calculated the PMI into the final APR.

I performed APRWIN and it staid my loan was overstated by .2803.

An overstatement is not a violation. Just fix it so it doesn't happen again.