IF THE LOAN APPLICATION DATE IS BEFORE OCTOBER 1, 2009 USE THE OLD CALCULATOR.
The FFIEC developed the NEW Rate Spread Calculator to assist HMDA reporting institutions with the 2008 Regulation C amendments for reporting Rate Spread data effective October 1, 2009 and forward.
The Rate Spread Calculator generates the spread between the Annual Percentage Rate (APR) and a survey-based estimate of APRs currently offered on prime mortgage loans of a comparable type utilizing the “Average Prime Offer Rates” fixed or adjustable table, action taken, amortization type, lock-in date, APR, fixed term (loan maturity) or variable term (initial fixed-rate period), and lien status. Rate Spread is a calculated field and is NOT simply the APR on the loan application.
A Batch Rate Spread Calculator is also available to allow institutions to calculate the rate spread on multiple Loan Application Registers (LARs).
“Average Prime Offer Rates” Tables
“Average Prime Offer Rates- Fixed” | http://www.ffiec.gov/ratespread/YieldTableFixed.CSV |
“Average Prime Offer Rates- Adjustable” | http://www.ffiec.gov/ratespread/YieldTableAdjustable.CSV |
Use the above “Average Prime Offer Rates” tables for compliance with Regulation C (HMDA) and Regulation Z (TILA/HOEPA) amendments effective October 1, 2009.
Regulation C Amendments | http://edocket.access.gpo.gov/2008/E8-25320.htm |
Regulation Z Amendments | http://edocket.access.gpo.gov/2008/pdf/E8-16500.pdf |
The “Average Prime Offer Rates” tables are available in ASCII comma delimited format to view, print and download. See Help for more details.
NOTE: Do not use the rate spread calculator to calculate the HOEPA status; they are two different fields which require two different calculations. See Help for more details.
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Last Modified: 01/29/2009