How do I calculate the loan application report?
To calculate a loan application report, Sourcetable can be used to easily calculate the loan repayments, length of loan, and amortization of a loan. To calculate the length of a loan, the formula is:
Loan Term (in years) = Amount Borrowed / (Monthly Payment - Interest Payment). Using this formula and a Sourcetable spreadsheet, you can accurately and quickly calculate the loan application report.
What kind of data does HMDA require?
HMDA requires financial institutions to collect and report data about institutional and transactional coverage, such as loan applications, originations, purchases, and sales.