APR Verification

If a loan is computed outside of the SCE and does not provide the Regulation Z (or country appropriate) APR, or if you wish to validate a computed APR, then the APR Verification functionality will be of interest to you. The SCEX supports APR calculation and verification for loans with a single advance, as well as multiple advance loans. For the United States of America, all references to Appendix J of Regulation Z are put in italics at the end of the element’s or attribute’s descriptions. For example, Section (a)(1) refers to Appendix J, Section a, Subsection 1 of Regulation Z.

Sample Request

The following is a sample request for an APR check calculation:

<inREGZ_APR>
    
    <!-- APR To Test -->
    <TestAPR>6.126</TestAPR>

    <!-- Loan Data -->
    <Advance Date="2023-12-01" AmtFin="10000" />
    <PmtStream Begin="2024-01-16" Term="6" Pmt="1700.20" />

</inREGZ_APR>

Sample Response

The following is a sample response generated by the request above:

<?xml version="1.0" standalone="no" ?>
<!DOCTYPE outREGZ_APR SYSTEM "outREGZ_APR.dtd" >
<outREGZ_APR>
   <Results>
      <Description>Successful Calculation</Description>
   </Results>
   <RegZAPR_Data>
      <Method>Actuarial</Method>
      <UnitPeriod Base="Month" Mult="1">1_Month</UnitPeriod>
      <PeriodsPerYear>12</PeriodsPerYear>
      <RegZAPR>6.001</RegZAPR>
   </RegZAPR_Data>
   <APRCheck_Data>
      <LoanType MultAdv="false" IrregPeriod="false" IrregPmt="false">Regular</LoanType>
      <RegZAPR>6.001</RegZAPR>
      <TestAPR>6.126</TestAPR>
      <Difference>0.125</Difference>
      <Tolerance>0.125</Tolerance>
      <InCompliance OnCusp="true">true</InCompliance>
   </APRCheck_Data>
   <Event_Data>
      <Transaction_Date>2023-12-01</Transaction_Date>
      <AmtFin Count="1" PresVal="10000.00">10000.00</AmtFin>
      <TotPmt Count="6" PresVal="9999.9996">10201.20</TotPmt>
   </Event_Data>
   <AmTable ErrorDown="-0.0327" Error="0.0004" ErrorUp="0.0334">
      <AmLine Idx="0" Date="2023-12-01" Unit="0" Frac="0" Adv="10000.00" PresVal="10000.00" PresValSum="10000.00"/>
      <AmLine Idx="1" Date="2024-01-16" Unit="1" Frac="15/30" Pmt="1700.20" PresVal="1687.5204" PresValSum="8312.4796"/>
      <AmLine Idx="2" Date="2024-02-16" Unit="2" Frac="15/30" Pmt="1700.20" PresVal="1679.1234" PresValSum="6633.3562"/>
      <AmLine Idx="3" Date="2024-03-16" Unit="3" Frac="15/30" Pmt="1700.20" PresVal="1670.7681" PresValSum="4962.5881"/>
      <AmLine Idx="4" Date="2024-04-16" Unit="4" Frac="15/30" Pmt="1700.20" PresVal="1662.4545" PresValSum="3300.1336"/>
      <AmLine Idx="5" Date="2024-05-16" Unit="5" Frac="15/30" Pmt="1700.20" PresVal="1654.1822" PresValSum="1645.9514"/>
      <AmLine Idx="6" Date="2024-06-16" Unit="6" Frac="15/30" Pmt="1700.20" PresVal="1645.9511" PresValSum="0.0004"/>
   </AmTable>
</outREGZ_APR>