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#780560 - 07/23/07 01:00 PM PMI and APR
CaseyBoo30 Offline
Gold Star
Joined: Feb 2007
Posts: 262
Winchester, KY
If a Bank does not require the borrower to pay one month's PMI premium at closing (no escrow on the account), should the amount still be considered a prepaid finance charge and factored into the APR? I am thinking that if they did not pay it at or before closing, it should not be included. However, an examiner is saying that it should be inlcuded in the APR calculation.

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Lending Compliance
#780566 - 07/23/07 01:09 PM Re: PMI and APR CaseyBoo30
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#780568 - 07/23/07 01:11 PM Re: PMI and APR CaseyBoo30
CaseyBoo30 Offline
Gold Star
Joined: Feb 2007
Posts: 262
Winchester, KY
Thank you.

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