If the loan term is 30 months, when using the FFIEC Rate Spread Calculator (neat deal), do we:

a. Round the term up to three years or "3" or
b. Round the term down to 2 years or "2".

Using the instructions from FFIEC, I am reading that we round down but our ARTA software is rounding up. Can someone else go read the instructions and give me you thoughts.

Here is the exact wording copied from FFIEC:

"The loan term, should be entered in years using whole numbers between 1 and 50. Terms consisting of a whole number of years and a fraction of a year should be rounded to a whole number according to the following rule: a fractional year of .5 or less should be rounded to the lower term, and a fractional year greater than .5 should be rounded to the higher term. There is an exception for a loan term shorter than six months, which should be rounded to 1."

Are there more than 30 days to the first payment? If so, that would make the term more than 2.5 years, which would mean that you have to round up.

No it is exactly 30 days to the first payment.

Then I would talk to ARTA.