Using the APRWIN Calculator Effectively to Avoid & Correct Violations
Finance charge miscalculations and other mistakes that result in annual percentage rate (APR) errors can be costly. Proper procedures and reviews of the APR using the OCC’s free APRWIN software will reduce the chances of significant losses. This webinar will provide examples for many different types of loans, but will focus on mortgages. The software has some limitations – based more on the new TRID mortgage disclosures than on the program itself. You will learn about the difficulties these disclosures create and how to approach them using APRWIN, given the information not currently available directly on the closing disclosure. Join us to learn how to recalculate an APR and how to handle disasters due to an error in the original calculation. This situation will often require rebates, and you will be taught how to calculate the amount owed.
Recorded Wednesday, March 1, 2017
Continuing Education: Attendance verification for CE credits upon request
- The finance charge calculation – a brief review of Regulation Z rules
- APRWIN basics for all loan types
- Problems created by the TRID closing disclosure
- What happens when there is an error?
- How to calculate rebates when APRs are incorrect
- TAKE-AWAY TOOLKIT
- Sample documents showing how to approach issues that may occur
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for staff who create or review consumer loan disclosures of all types, auditors, loan reviewers, and compliance officers.
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.
MEET THE PRESENTER
Bill Elliott has over 40 years of banking experience. As a senior compliance consultant and manager of the compliance division with Young & Associates, Inc., Bill works on a variety of compliance-related issues, including leading compliance seminars, conducting compliance reviews, conducting in-house training, and writing compliance articles and training materials.
Bill’s career includes 15 years as a compliance officer and CRA officer in a large community bank, as well as working at a large regional bank. He has experience with consumer, commercial, and mortgage loans, and has managed a variety of departments, including loan review, consumer/commercial loan processing, mortgage loan processing, loan administration, credit administration, collections, and commercial loan workout.