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April 22
A Banker's Guide to Virtual Currency
Andrew Beal

April 24
BSA/AML Compliance: Writing the SAR Narrative
Ken Golliher

April 29
HSA Basics
Whitney Johnson

April 29
Required Training for Loan Originators
Mary Beth Guard and Jack Holzknecht

May 13
Overdraft Practices in Today's Regulatory Environment
John Burnett

May 14
Reg E Claims - Allocating Liability Correctly
Andy Zavoina



Topic Options
#497348 - 02/10/06 02:53 PM Adjustable Rate Rider
Cynthia Barnes Offline
New Poster

Registered: 12/29/05
Posts: 22
I am confused on the ARM Rider. Are these required for 2nd mortgages?

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Lending Compliance
#497349 - 02/10/06 04:30 PM Re: Adjustable Rate Rider
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 48538
Loc: Galveston, TX
Depends on what ARM rider you are talking about. Without reviewing the language on the specific rider you are referring too - it is hard to say.
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The opinions expressed are my own, take them or leave them.

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#497350 - 02/14/06 02:15 PM Re: Adjustable Rate Rider
regwhy Offline
100 Club

Registered: 09/21/05
Posts: 108
Loc: Midwest
The reasons we put an ARM rider in place was because the mortgage we used referred to a fixed rate only (this could have been Fannie Mae's standard mortgage now that I think about it?) Whereas one of our other loan systems lets you choose if the rate is an arm or fixed and prints out accordingly on the mortgage.

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#497351 - 03/10/06 03:47 PM Re: Adjustable Rate Rider
Cynthia Barnes Offline
New Poster

Registered: 12/29/05
Posts: 22
So if it amends the mortgage it wouldn't have to be recorded with the 2nd mortgage?

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#497352 - 03/11/06 08:18 AM Re: Adjustable Rate Rider
Richard Insley Online
Power Poster

Registered: 10/26/00
Posts: 7344
Loc: Richmond, VA
A 'mortgage', 'deed of trust', or 'promissory note' is a contract. A 'rider', 'modification agreement', or 'allonge' is an amendment to a contract. If the contract document must be recorded in order to have the legal effect you desire, then it stands to reason that any or all amendments would have to be recorded in the same manner for the same reason.
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...gone fishing.

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