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APR Accuracy Problem

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I was testing some APR Disclosures (on regular payment loans) when I noticed that although there was a "Violation APR is understated by..." message and the APR was understated by more than .125% (the tolerance for regular payment loans), the program was not printing the "Truth In Lending Reimbursement Documentation" sheet. I double checked the data that I had input but still no reimbursement sheet. Has anyone else experienced this situation with the program? Is there some other factor besides the tolerance percentage that determines whether or not reimbursement is required (i.e. loan amount or term)?

It sounds like the error was within .125% and .25%. Although an APR is inaccurate if it is over .125% off, it is not reimburseable until it is .25% off.

First published on 6/17/02

First published on 06/17/2002

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