The Fed box on a note. For a car loan, can you only put the year of the car and maybe the make. Do you have to have the vin # there as well?
We have a loan that has been charged off. The loan is secured by a property located in a flood zone. The bank is still accepting recovery payments from the borrower and has not released the interest in the collateral. The bank does not have any intention of foreclosing on the property, but does not want to release the interest. Is flood insurance required for the recovery account?
If an individual enlists into the military and has an existing loan with a financial institution is he/she protected by the interest rate of 6%? It is confusing when the word active duty is used rather than called to active duty when explaining the 6% interest rate.
Are the variable rate disclosures of Regulation Z Section Section 1026.18 and .19 applicable to fixed rate mortgages and consumer loans that provide an interest rate discount if the consumer signs up for automatic payment deduction?
What rate is used to calculate the interest rate on a loan that is secured by a Certificate of Deposit account? The interest rate on the Certificate of Deposit or the APY on the Certificate of Deposit?
If we are modifying a HELOC and increasing the credit limit do we have ROR?
We are getting ready to do some unsecured loans for Home improvement. What is the maximum interest by Missouri Law that the bank can charge? And what about fees?
Are initial PMI disclosures required on non-owner occupied purchase transactions?
Can one do an interest extension for a consumer mortgage loan? HELOC?
I have questions about the implementation of retail loans and the use of day-count conventions. For purposes of illustration consider a loan with the following terms:<ul> <li>Capital : $5000 <li>Interest : 9% per annual period <li>Term: 12 months </ul>Using Excel I can determine that: <ul><li>Monthly repayment : $437.26 <li>Total repaid : $5247.09 <li>Total interest : $247.09</ul> From my understanding these calculations are based on a day count convention of 30/360. The assumption here is that there are 12 equal periods each equally long and earning the same interest. Question 1: What is the daily interest that accrues? From what I understand the 30/360 convention would imply that 0.09/360% interest accrues per day. However if the period between the start of the loan (say 1st Feb) and the first payment (say 28th Feb) does not equal 30 days exactly then the accrued interest will be incorrect. Question 2: If I wanted to use a different day count convention, say actual/actual, how would I calculate the proposed payments for the above loan in advance for quote purposes? Because I am taking the actual number of days into account and because the number of days between payments would vary the standard pmt calculation will not calculate an accurate payment value. My calculations end up with a (small) underpaid amount at the end of the loan.