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#2013590 - 05/12/15 06:20 PM Rate Spread Documentation
Mel in WA Offline
Diamond Poster
Joined: Mar 2013
Posts: 1,158
When verifying the rate spread field in your LOS to the HMDA LAR, what documentation do you refer to? The reason I'm asking is our lock desk calculates the rate spread for HPML when the loan is locked and prints out that document. Is that documentation acceptable?

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#2013594 - 05/12/15 06:27 PM Re: Rate Spread Documentation Mel in WA
NSF, CRCM Offline
Gold Star
Joined: Apr 2013
Posts: 410
We print off a copy of the HMDA Rate Spread Calculator from the FFIEC website. This is retained in file to prove the rate spread reported on our LAR. When I perform my quarterly scrub I check the calculator to ensure all fields are accurate.
It is better to act cautiously beforehand than to suffer afterward.

The answers I give are my opinions. Not legal advice.

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