Get the free Rate Spread Calculator - HMDA Platform Tools - CFPB.gov
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BOARD REPORT NO.: 202060 MEETING DATE: NOVEMBER 18, 2020DATE PREPARED: NOVEMBER 10, 2020SUBJECT: FEBRUARY 2021 MORTGAGE RENEWAL PARSONS/KENWOOD/MELVINRECOMMENDATION THAT with respect to Report No.
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What is rate spread calculator?
The rate spread calculator is a tool used to measure the difference between the annual percentage rate (APR) of a loan and the applicable measure, usually the average prime offer rate. It helps in assessing the cost of loans and compliance with lending regulations.
Who is required to file rate spread calculator?
Lenders and financial institutions that originate certain types of mortgage loans are required to file the rate spread calculator as part of their compliance with federal regulations.
How to fill out rate spread calculator?
To fill out the rate spread calculator, lenders need to input the loan amount, interest rate, and any other associated fees. It calculates the difference between the loan APR and the applicable average prime offer rate.
What is the purpose of rate spread calculator?
The purpose of the rate spread calculator is to ensure transparency in lending by helping to identify high-interest loans and ensure compliance with federal anti-discrimination laws.
What information must be reported on rate spread calculator?
Information that must be reported includes the loan amount, interest rate, fees, and the corresponding average prime offer rate for the loan's duration.
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