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Licensing Mortgage Finance Loan Products. Source : www. What is Average Prime Offer Rate? For the week ending: Select Date. This is the primary source of data for most APOR series. HSH Associates. The rate spread will be provided in percentage-point format, four numerical characters and the decimal point or 'NA' if appropriate. Comments and Suggestions. Your comments and suggestions regarding this website are greatly appreciated. For suggestions regarding this site, Contact Us.
Amortization Type Amortization type must be selected. Only one option can be chosen. Loans that are locked in on October 9 through 11, including loans locked in on October 9 after the benchmarks dated October 12 have been posted, would be compared to the average prime offer rates for comparable transactions dated October 5 assuming the loan application was made on or after October 1.
If an interest rate is set pursuant to a "lock-in" agreement between the lender and the borrower, then the date on which the agreement fixes the interest rate is the date the rate was set. If a rate is re-set after a lock-in agreement is executed for example, because the borrower exercises a float-down option or the agreement expires , then the relevant date is the date the rate is re-set for the final time before closing.
If no lock-in agreement is executed, then the relevant date is the date on which the institution sets the rate for the final time before closing. For example, an APR of 4. If the figure is more than two decimal places, round the figure or truncate the digits beyond two decimal places.
Fixed term loan maturity or Variable term initial fixed-rate period The loan term has a different meaning depending on whether the loan is fixed- or variable- rate. For a variable-rate loan, the term is the initial, fixed-rate period i. The loan term, should be entered in years using whole numbers between 1 and Terms consisting of a whole number of years and a fraction of a year should be rounded to a whole number according to the following rule: a fractional year of.
There is an exception for a loan term shorter than six months, which should be rounded to 1. If the amortization period of a loan is longer than the term of the loan — i.
For example, in the case of a five-year loan that has a balloon payment because the payments are amortized over 30 years, the term of five years must be used. In an Adjustable Rate Mortgage ARM situation, there may be a long period to maturity and a feature whereby the rate adjusts at a much earlier time -- for example, five years.
In that case, as explained above, the term is the initial, fixed-rate period, not the full term to maturity. If an obligation is payable on demand, the creditor shall make the disclosures based on an assumed maturity of 1 year. If an alternate maturity length is stated in the legal obligation between the parties, the maturity shall be based on that length.
Lien Status Lenders are required to report lien status for loans they originate and applications that do not result in an origination. Lien status is determined by reference to the best information readily available to the lender at the time final action is taken and to the lender's own procedures.
Indicate the lien status for loans that you originate and for applications that do not result in an origination by using one of the following codes: 1- Secured by a first lien 2- Secured by a subordinate lien 3- Not secured by a lien 4- Not applicable purchased loan If the lien status equals 1 and the rate spread calculated is less than 1. If the lien status equals 2 and the rate spread calculated is less than 3.
If the lien status is equal to 1 or 2 and the rate spread calculated is equal to or greater than If the lien status is equal to 3, not secured by a lien, the result will be a rate spread equal to 'NA'. The lien status code of 4 is used to identify purchased loans on the LAR reporting form.
The rate spread is NOT calculated for purchased loans and will therefore result in a rate spread equal to 'NA'. If the loan is not subject to Regulation Z, or is a home improvement loan that is not dwelling-secured, or is a loan that you purchased, enter 'NA'. If the lien status equals 1 and the rate spread calculated is less than 1. If the lien status equals 3, not secured by a lien, the result will be a rate spread equal to 'NA'.
The main differences in the two calculators are the tables referenced for determining the rate spread, the additional amortization type field, and the frequency of the table updates.
The rate spread web site should be used only for calculating the rate spread. It is Monday but the table does not seem to have been updated for the current week. For example, Internet Explorer users should press the Refresh button or use the menu options View, Refresh while holding down the "Ctrl" key on your keyboard. This will refresh the current web page stored in your cache with the latest content on the web page.
If Refresh fails to display the updated page, you can clear your Internet Explorer cache by following the appropriate procedure below. This will delete all the files that are currently stored in your cache. For Internet Explorer version 4.
Click the General tab. Click OK to close Internet Options. For Internet Explorer version 5. If the above tasks do not correct your problem, please contact your Network Administrator for assistance or Contact Us.
When I submitted my data for calculation I received the message "Invalid Parameters", what does this mean? If this is the case, a red text error message will appear to the right of the field indicating the error.
The current date is the maximum date permitted to calculate the rate spread. The Board publishes average prime offer rates for a broad range of types of transactions in a table updated at least weekly as well as the methodology the Board uses to derive these rates. Sample 1. Sample 2. Sample 3. Average prime offer rate means an annual percentage rate that is derived from average interest rates and other loan pricing terms currently offered to consumers by a set of creditors for mortgage loans that have low - risk pricing characteristics.
The Bureau publishes tables of average prime offer rates by transaction type at least weekly and also publishes the methodology it uses to derive these rates.
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