Rate Spread Documentation

Posted By: Mel in WA

Rate Spread Documentation - 05/12/15 06:20 PM

When verifying the rate spread field in your LOS to the HMDA LAR, what documentation do you refer to? The reason I'm asking is our lock desk calculates the rate spread for HPML when the loan is locked and prints out that document. Is that documentation acceptable?
Posted By: Adam F

Re: Rate Spread Documentation - 05/12/15 06:27 PM

We print off a copy of the HMDA Rate Spread Calculator from the FFIEC website. This is retained in file to prove the rate spread reported on our LAR. When I perform my quarterly scrub I check the calculator to ensure all fields are accurate.