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#1598771 - 08/31/11 06:02 PM MDIA Overstated APR
Ginlyn, CRCM Offline
Gold Star
Ginlyn, CRCM
Joined: Nov 2003
Posts: 300
Oklahoma
Scenerio: Real Estate loan closed in March 2011. Internal audit just revealed the wrong APOR table was used and APR is above tolerance (.159). Hopefully, this is a one-time occurrence. Is this considered an uncorrectable violation? Is there anything that must be done at this point?

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Lending Compliance
#1598875 - 08/31/11 08:27 PM Re: MDIA Overstated APR Ginlyn, CRCM
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
Have you punched it into APRWIN to see if it's a reimbursable violation?

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#1598882 - 08/31/11 08:39 PM Re: MDIA Overstated APR Ginlyn, CRCM
Deena Offline
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Deena
Joined: Nov 2000
Posts: 2,701
PA
I would just review your procedures and make sure you're doing it correctly now, train if you need to, and move on. There is no reimbursement for overstated APRs.
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#1598884 - 08/31/11 08:41 PM Re: MDIA Overstated APR Many Hats
Ginlyn, CRCM Offline
Gold Star
Ginlyn, CRCM
Joined: Nov 2003
Posts: 300
Oklahoma
Nope. I will give it a try. Thanks.
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Ginger M CRCM

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#1598908 - 08/31/11 09:00 PM Re: MDIA Overstated APR Deena
Ginlyn, CRCM Offline
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Ginlyn, CRCM
Joined: Nov 2003
Posts: 300
Oklahoma
That's what I thought from what I had read in these Threads. Thanks for the reply.
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Ginger M CRCM

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#1598979 - 09/01/11 02:31 AM Re: MDIA Overstated APR Ginlyn, CRCM
jlroberts Offline
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jlroberts
Joined: Sep 2009
Posts: 1,601
Ohio
Are you talking about the APOR and the HPML tolerance to require escrow?

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