Target APR Using Escrow

This request allows you to target an APRAPR - Annual Percentage Rate. Calculated rate that helps customers assess the actual cost of a loan. The APR is a number devised by the US government to provide consumers a more accurate way to compare loan rates between lenders. amount by changing a loan's escrow settings.

General

LoanPro features a targeting tool that allows you to adjust escrowescrow - Functionality that is designed to let you add additional amounts to regularly scheduled payments that don’t apply to any other parts of the loan such as interest, principal, discount, or fees. Adding escrow to an account is similar to adding an additional fee to each payment. to reach a specific APRAPR - Annual Percentage Rate. Calculated rate that helps customers assess the actual cost of a loan. The APR is a number devised by the US government to provide consumers a more accurate way to compare loan rates between lenders.. Here's what you need to know about this request:

  • APR is calculated via a number of factors, but this tool will adjust the loan's interest rate to reach the desired APR.
  • The targeting tool can only be used on accounts that are not activatedactivated - Activating an account will cause the calculations on the loan to take into account actual dates and payment history. An account that hasn’t been activated exists in an abstract piece of time with no sense of past or future..
  • To use this request, the loan must also have an Escrow BucketsEscrow Buckets - System for classifying escrow on an account with three main sections: transactions, adjustments, and settings. Escrow buckets can be created in Settings > Loan > Escrow > Buckets. configuration set on the loan. The ID of the bucket is used in the solve parameter.

For more information regarding this request, see our API – APR Targeting article on our help site.

For an example of how targeting APR works within the UI, take a look at our APR Targeting article.

Database

For information on loan setup database tables, see the following articles:

{
  "apr": "24.87",
  "solve": 1
}

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Try It Instructions

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However, if you would like to try this request with your own tenant account, make sure to change the headers to match your own authentication information.

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