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Reg rounding rules revealed

Answered by: 

Question: 
Loan Terms, Interest Rate: disclose up to two or three decimal places...rate is 5.30%; can it be disclosed as 5.3% or must it be 5.30% (two places)? We have seen some software disclosing as 5.3%.
Answer: 

Our take is that you should show at least two decimal places, unless it is a whole number. So, 5.3% should be disclosed as 5.30%.
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Learn more about Jerod’s webinar Loan Estimate: Completion and Revision Estimate .

First published on 06/12/2016

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