Difficulty using the FFIEC APR Tool on a HELOC
05/14/2023
I’m trying to use the official APR Calculator to confirm that the rate on our HELOC disclosure is correct. I’m so confused! Nothing seems to work, can you give me direction?
05/14/2023
I’m trying to use the official APR Calculator to confirm that the rate on our HELOC disclosure is correct. I’m so confused! Nothing seems to work, can you give me direction?
05/07/2023
Banking is weird sometimes. In my banking job I’m told I need to know about both the Bank Secrecy Act (BSA) and the Community Reinvestment Act (CRA). I don’t understand what those two topics possibly have in common, and why I need to know them. Please explain it simply.
05/07/2023
I’m an HR Professional desperately in need of “Banking for Dummies”!
05/07/2023
My deposit account software is telling me the APY on our 15 month CD (interest paid at maturity) is LESS than the interest rate. What?!
04/30/2023
We have noticed that the APY is wrong on some of our Truth in Savings disclosures, but only by .03%. The APY is calculated by our document software vendor, and they told us not to worry about it, because Reg DD has a +/- .05% tolerance allowance. Is this true?
04/23/2023
I recently accepted a new position at my bank in the lending department. I came from operations and wanted a change, but now my head is spinning! There are so many rules on the lending side, and I am struggling. How can I get on top of it all?
04/23/2023
In post-closing review, we noticed a loan’s APR is understated outside of tolerance. Can we just send a new disclosure showing the correct APR to fix this inadvertent error?
04/16/2023
An auditor just told us we have an APR violation (but not a TRID violation) on a consumer real estate loan, that that we need to make restitution to the borrower. Don’t we need to send a corrected Closing Disclosure too?
04/09/2023
We messed up an APR beyond Reg Z tolerance, and know we need to give the borrower restitution. But how do we figure out the right amount to give?!
04/02/2023
Our marketing department believes “Member FDIC” mucks up our bank’s social media posts, and says we don’t need it anyway, so long as it is “one-click-away” through a link to our website. They want to get rid of it. I’m not so sure. Are they right?