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#2053797 - 12/11/15 05:34 PM Loan Amount over 1MM
GrBo1006 Offline
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Joined: Apr 2013
Posts: 106
A little bit of a discussion as to what should be reported as the loan amount.

Amount is $3,462,000.
Would you report 03400 on the LAR?
Would you report 03462 on the LAR?

Could you provide some type of reference to back up your decision?
Thank you in advance!!

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#2053801 - 12/11/15 05:40 PM Re: Loan Amount over 1MM GrBo1006
Adam F Offline
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Adam F
Joined: Apr 2013
Posts: 420
VA
The regulation only states to show the loan amount in thousands, thus we would report on the LAR as 03462.

7. Loan Amount. Enter the amount of the loan or application. Do not report loans below $500. Show the amount in thousands, rounding to the nearest thousand (round $500 up to the next $1,000).
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The answers I give are my opinions. Not legal advice.

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#2053807 - 12/11/15 06:05 PM Re: Loan Amount over 1MM GrBo1006
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
03462 is the correct rounded number.
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