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#2220511 - 08/27/19 06:55 PM Overthinking Maybe? Amt Financed Question
Nicole Offline
100 Club
Joined: Nov 2018
Posts: 158
Hello, so i maybe be overthinking but i haven't reviewed a small loan in a while. I have a $2,000 loan with an interest rate of 5.40% and a documentation fee of $75.00 (prepaid) collected in cash. Should the "amount financed" in FedBox be $2,000 or $1,925.00?

Thank you!

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Lending Compliance
#2220517 - 08/27/19 07:34 PM Re: Overthinking Maybe? Amt Financed Question Nicole
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
What type of loan and what is the documentation fee for?
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#2220523 - 08/27/19 08:00 PM Re: Overthinking Maybe? Amt Financed Question Nicole
Nicole Offline
100 Club
Joined: Nov 2018
Posts: 158
It's a Savings/CD secured loan and we charge a fee to process documents so a Document Preparation Fee.

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#2220526 - 08/27/19 08:08 PM Re: Overthinking Maybe? Amt Financed Question Nicole
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
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The opinions expressed are mine and they are not to be taken as legal advice.

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