This is a excel spreadsheet allowing calculations of the tender amount when rescinding a series of loans by the same creditor. When you need to rescind a loan and that loan refinanced a prior loan originated by the same creditor, only the new advances in the newer loan may be rescinded. This spreadsheet walks you through the steps for determining whether there were any new advances and, if so, how much the borrower must tender on that loan and the previous loan.
This is an example of a TALC calculation. Reverse mortgage creditors must disclose the total annual loan cost (TALC) rate—the projected annual average cost of the credit, including all itemized costs, expressed as a percentage rate. The TALC rate is a single rate that includes all costs and affords an apples-to-apples comparison between reverse mortgages.
This practice tool links to three different software programs to calculate credit math functions, including calculating an Annual Percentage Rate (APR), a Military Annual Percentage Rate (MAPR), and Rule of 78 rebates. One is a web-based program provided by the federal government and two are provided by NCLC and must be downloaded—one is easy to use for simple calculations and the other allows for more complex credit transactions.
This table displays the implications of an option-ARM where the interest rate is 2% for the first month and 7.875 thereafter, on a $485,000 mortgage loan with a 30-year term, where the monthly payment resets periodically and where in the early months it is insufficient to cover interest charges, so that the balance due increases in the early months.
The Bankruptcy Code specifies time periods relating to certain prepetition events that may control aspects of a bankruptcy case, such as the availability of the automatic stay, the ability to claim exemptions, and the right to a discharge. The Date Calculator approximates the application of these time periods based on a projected filing date, calculating 24 key look-back dates.
While computer programs are now the most common way to compute an annual percentage rate (APR), an early alternative way sanctioned by the FRB was use of the FRB Annual Percentage Rate tables. This Volume II can be used to calculate APRs for “irregular” transactions. Volume I can be used to compute APRs for “regular” transactions and for transactions with irregular first payments, irregular first periods, and irregular final payments.
While computer programs are now the most common way to compute an annual percentage rate (APR), an early alternative way sanctioned by the FRB was use of the FRB Annual Percentage Rate tables. This practice tool is the instructions as to their use. NCLC practice tools also include Volume I to be used to compute APRs for “regular” transactions and for transactions with irregular first payments, irregular first periods, and irregular final payments, and Volume II used to calculate APRs for “irregular” transactions.
This HOEPA fees and points worksheet calculates whether an open-end mortgage loan originated after January 10, 2014, must comply with HOEPA because of the size of its points and fees. It calculates trigger fees, the “total loan amount,” and the trigger fees as a percentage of the “total loan amount.” Other NCLC practice tools provide worksheets for closed-end mortgage loans originated on or after January 10, 2014 and for closed-end mortgage loans originated prior to January 10, 2014.
This HOEPA fees & points worksheet calculates whether a closed-end mortgage loan originated after January 10, 2014, must comply with HOEPA because of the size of its points and fees. It calculates trigger fees, the “total loan amount,” and the trigger fees as a percentage of the “total loan amount.” Other NCLC practice tools provide worksheets for open-end mortgage loans originated on or after January 10, 2014 and for closed-end mortgage loans originated prior to January 10, 2014.
This HOEPA fees & points worksheet calculates whether a closed-end mortgage loan originated after January 10, 2014, must comply with HOEPA because of the size of its points and fees. It calculates trigger fees, the “total loan amount,” and the trigger fees as a percentage of the “total loan amount.” Other NCLC practice tools provide worksheets for open-end mortgage loans originated on or after January 10, 2014, and for closed-end mortgage loans originated prior to January 10, 2014.