Most Popular Lending Content
Compliance Calendar
02/01/2001
February
The APR is calculating lower than the rate. Can that be right? -- e-bgroup
01/16/2001
We are currently offering a 5/1 ARM at 5.50% with caps of 2/6. Margin of 2.75 based on 1 yr t-bill. Currently the T-bill is 2.06 therefore using this as an estimate for future payment changes results in the rate lowering with the 61 st payment. This then results in a lower finance charge throughout the life of the loan and therefore calculates an APR that is lower than the rate. Is this correct? I'm not seeing other banks with similar products disclosing a similar APR.Any information you have would be greatly appreciated.
Predatory Lending - What Is It?
01/15/2001
Define predatory lending.
No Demand Or Discount - No Disclosure
01/15/2001
I am reviewing an Adjustable Rate Mortgage initial disclosure and I do not find a statement that the interest rate will be discounted or a statement that the loan contains a demand feature (the Note does contain a demand feature). I am wondering if both of these disclosures are required on every initial ARM disclosure or only loans that have an interest rate discount and a demand feature.
Understanding The Service Providers List
01/15/2001
There has been some question about the Required Service Providers List. Is this a list that is attached to all Good Faith Estimates or typed on the face of the Good Faith Estimate?