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#2036781 - 09/02/15 01:16 PM ARM with rate floating daily?
joeball Offline
100 Club
joeball
Joined: May 2004
Posts: 170
Bluegrass State
Is it possible to have an ARM loan that is going to be set up to float daily with the prime rate? I can't see how with the rate adjustment notice requirements.
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#2036945 - 09/02/15 08:01 PM Re: ARM with rate floating daily? joeball
Rocky P Online
Power Poster
Joined: Jun 2003
Posts: 7,460
Florida
IMHO, for a loan covered by TIL, it would be very costly and confusing. Every month (when there is a change from the prior month), you would have to calculate what the payment would be and send out the notice valid for the payment in 60 days. Your note would be complicated to understand and there is no way it could be sold.
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