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#1119995 - 01/30/09 04:12 PM change in term on arm loan and redisclosure
CaseyBoo30 Offline
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Joined: Feb 2007
Posts: 262
Winchester, KY
If a lender changes the payment of interest on an arm loan from monthly to quarterly, what type, if any, of redisclosure is required? I have read 12 CFR 226.19(b) and related commentary but I cant seem to find anything specifically realted to a change in the frequency of interest payments.

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Lending Compliance
#1120253 - 01/30/09 06:02 PM Re: change in term on arm loan and redisclosure CaseyBoo30
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
If the modification does not rise to the level of a refinance - no new disclosures are required. You need to look at 226.20.
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