Does anyone know of a calculation tool that will generate the fed box disclosures (APR, Finance Charge, Amount Financed, Total of Payments) if you enter in loan information like loan amount, interest rate, fees, term, etc.? I've looked at the FFIEC APR tool and it will verify that information for you but you need to have an accurate Finance Charge. We are in the unfortunate position where we need to manually generate a disclosable loan (not TRID related) and calculate these fields. Thank you!

I just PM'd you.

What you're trying to find is a freeware loan documentation system--something that's very unlikely.

This will be a DIY project and you need to have the ability to perform two sets of calculations:
1. The payment schedule.
2. The required TIL disclosures.

Of these, the payment schedule is usually the more difficult -- due to the infinite variety of pricing/repayment options. What you calculate, of course, must be the exact amounts and dates that will cause your servicing system to clock the outstanding principal, interest, and fee balances down to $0.00 on the maturity date. I've never seen a case where Excel couldn't do the job, HOWEVER what you will have to do boils down to creating a DIY loan documentation engine (software model.)

A final note on producing payment schedules outside your approved loan documentation system: whip up a sample loan and try to book it into your loan servicing system. If the system rejects your sample, then you'll need to revise the calculations and the wording of the promissory note to spell out the terms that your bank can actually service.

After you have the payment schedule, 3 of the 4 Fed Box values are simple arithmetic:
1. Amount Financed = principal amount minus all prepaid Finance Charges
2. Total of Payments = sum of what you calculated with you home-brew loan doc system
3. Finance Charge = TOP minus AF
Now, you have everything the verification tool should need in order to spit out an accurate APR.

If this sounds like a lot of time-consuming work to disclose one loan, it is! That's why most banks don't allow "creative" consumer lending. On the other hand, if this is the first loan of a new product type, then you're ahead of the curve when it comes to setting up a new loan type in your loan documentation system, or upgrading the system.

Is this for a mortgage? I have used this on Bankrate before and it is pretty robust. (The actual tool is built by and available through Dinkytown.net) Every time I have used it it has given accurate results. It is one of the easiest to use and will handle adjustable rates, etc. You can key in your finance charges and if you "View Report" you will see all the fields you need (i think).

https://www.bankrate.com/mortgages/annual-percentage-rate-arm-calculator/

Dinkytown has simple interest loans and all kinds of other calculators on their site as well.

https://www.dinkytown.net/java/amortizing-loan-calculator.html

These calculators don't appear to support a number of consumer loan features that might be needed for transaction disclosures for the loan(s) in question, including odd days, daily interest payment schedules (U. S. Rule), payment frequencies other than monthly, or maturities other than multiples of years.

Thank you all for the detailed information. The loan is a coach only manufactured home. We're having legal counsel draft the documents but we need to come up with the TIL details and "fill in the blanks". (New doc platform not functioning so we're in a bind!)

What is a coach only manufactured home may I ask?.

It is a manufactured home without the underlying land. So, a mobile home that is in a mobile home park where they pay rent - they don't own the land - so our collateral is the MH coach only.

And it is a primary residence? Why would this not be disclosed like any other consumer loan from a TILA standpoint? Just enter a fake car loan with the correct prepaid finance charges. I guess I do not understand the real issue with not being able to calculate a TIL disclosure.