Insert Calculated Field into the Consumer Credit Application

Aug 6th, 2022
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How to Insert Calculated Field into the Consumer Credit Application

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there are three types of calculations in excel pivot tables calculated fields calculated items and sets but i have observed that most of the people are aware only of the calculated fields however all three of them are equally useful and theyre very different from each other so lets learn all of them quickly in this short video before i explain the calculations there are certain pointers that you need to be aware of so lets have a look at them and then well move on to the calculations the first point is that the calculated field and calculated items do not work with data model they work only with the basic data sets you will understand this point when im explaining the calculations in detail later on in this video second point says sets work only with the data model so first two points are linked and they are exclusive of each other the third point says that all three of them cannot be taken to pivot table filters so you can use them in rows and columns but not in the filter region

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TILA promotes the informed use of consumer credit by requiring timely disclosure about its costs. It also includes substantive provisions such as the consumers right of rescission on certain mortgage loans and timely resolution of billing disputes.
The rule prohibits a creditor or any other person from paying, directly or indirectly, compensation to a mortgage broker or any other loan originator that is based on a mortgage transactions terms or conditions, except the amount of credit extended.
Submitting these 6 pieces of information: Name. Income. Social Security Number. Property Address. Estimated Value of Property. Mortgage Loan Amount sought.
Timing Requirements The 3/7/3 Rule The initial Truth in Lending Statement must be delivered to the consumer within 3 business days of the receipt of the loan application by the lender. The TILA statement is presumed to be delivered to the consumer 3 business days after it is mailed.
Total of payments, Payment schedule, Prepayment/late payment penalties, If applicable to the transaction: (1) Total sales cost, (2) Demand feature, (3) Security interest, (4) Insurance, (5) Required deposit, and (6) Reference to contract.
Regulation Z is also known as the Truth in Lending Act.
Regulation Z or TILA applies to mortgages, home equity loans, HELOCs, credit cards, installment loans and private student loans. The act does not govern actual loan terms, dictate who can apply for credit, or direct lenders to offer certain types of loans.
Borrower paid compensation is when a loan officer charges a lower compensation plan than the lender paid compensation of 2.75% yield spread premium. This is a different type of compensation compared to lender-paid.

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