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#2044064 - 10/14/15 12:39 PM 45 day lookback note language
mdog76 Offline
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Joined: Jan 2007
Posts: 645
Is it required language that the note state "For each rate change, the new interest rate will be determined using the most recent index figure available as of 45 days before the date of the scheduled interest rate change"?

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Lending Compliance
#2044074 - 10/14/15 01:33 PM Re: 45 day lookback note language mdog76
AF_23 Offline
Junior Member
Joined: Jan 2014
Posts: 45
AL
It's not required, but if you have ARMs secured by principal dwellings, you will need some type of lookback period in order to get your payment change notices out in the required timeframe.

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#2044077 - 10/14/15 01:41 PM Re: 45 day lookback note language mdog76
mdog76 Offline
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Joined: Jan 2007
Posts: 645
We have those processes set up, but was just wanting to check to see if it actually had to be in the note.

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#2044083 - 10/14/15 01:53 PM Re: 45 day lookback note language mdog76
AF_23 Offline
Junior Member
Joined: Jan 2014
Posts: 45
AL
Oh, I got you, I thought you were referencing if you had to have a lookback period of 45 days. We have that language in our notes.

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#2044106 - 10/14/15 02:46 PM Re: 45 day lookback note language mdog76
Richard Insley Offline
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Richard Insley
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Posts: 10,085
Toano, VA
Questions about contracts should be directed to your bank's attorney. The end product must be able to stand up in court.
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...gone fishing.

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