We were a participant on a loan with a bank that ultimately was closed. The FDIC asked us if we wanted to be the new lead bank and we agreed to those terms.
No new note, just simply an assigment to us that made us become the lead bank.
Of course this is secured by a dwelling, so there are HMDA implications. I don't think this would be reportable because I don't see a new note that would satisfy and replace the old note, but I have not run across this before.
Has anyone else run into this?
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