Rate Spread Calculator

Posted By: mstark

Rate Spread Calculator - 06/04/10 05:40 PM

When using the rate spread calculator we are to put the APR in. Our loan officers have been putting in the interest rate that they quote the customer. However, they should be putting in the apr after the fees and other charges are included in on the loan correct?
Posted By: Island Dreaming

Re: Rate Spread Calculator - 06/04/10 05:50 PM

Yep
Posted By: Dan Persfull

Re: Rate Spread Calculator - 06/04/10 06:39 PM

Quote:
Our loan officers have been putting in the interest rate that they quote the customer.


You need to scrub 100% of these. You could very well have some violation (MDIA, HPML, etc) issues. If the rate spread on the LAR was based on the interest rate instead of the APR you are likely to have LAR entry errors also.