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"?

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.

We have those processes set up, but was just wanting to check to see if it actually had to be in the note.

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.

Questions about contracts should be directed to your bank's attorney. The end product must be able to stand up in court.