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#857186 - 11/19/07 06:29 PM BiWeekly APR Verification
Bagweaver Offline
Diamond Poster
Joined: Nov 2005
Posts: 2,409
SW GA
We've just started offering bi-weekly loan repayment schedules. When we tried to verify the APR on the OCC's APR calculator, we were unable to do so. We don't know if the APR is correct and we're not inputting the correct information or if the APR is incorrect and we're inputting the correct information.

Does anyone have any hints on what we should do differently in inputting the data?

Thanks
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Semiretired. Working parttime at Historic Westville as a tour guide.

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Lending Compliance
#857234 - 11/19/07 06:59 PM Re: BiWeekly APR Verification Bagweaver
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
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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#857330 - 11/19/07 08:29 PM Re: BiWeekly APR Verification Dan Persfull
Bagweaver Offline
Diamond Poster
Joined: Nov 2005
Posts: 2,409
SW GA
OK . . . That didn't seem to help. It's Monday.

The lender has calculated the loan for 18 months with 39 payments. There is not an option on the OCC calculator for biweekly payments. Does anyone know how to use the calculator for this type of payment?

Thanks
Last edited by Bagweaver; 11/19/07 08:30 PM.
_________________________
Semiretired. Working parttime at Historic Westville as a tour guide.

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#857333 - 11/19/07 08:32 PM Re: BiWeekly APR Verification Bagweaver
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,179
Toano, VA
Select "actual days" and enter 14.
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#857358 - 11/19/07 08:50 PM Re: BiWeekly APR Verification Richard Insley
Bagweaver Offline
Diamond Poster
Joined: Nov 2005
Posts: 2,409
SW GA
Well, duh! I don't think the problem is that it's Monday! I think I just need to go ahead and retire. I have brain fatigue.

Thanks, Richard!
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Semiretired. Working parttime at Historic Westville as a tour guide.

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