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#2193919 - 09/26/18 09:12 PM California Consumer Loans
cwscb Offline
Junior Member
Joined: Jan 2018
Posts: 31
Our borrower has already signed the loan documents, and funding will be on Oct. 3rd. The Fed just raised the interest rate, which affects this loan. Since we have not fund this loan, do we need to redisclose to the borrower?

Thanks!

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#2193928 - 09/26/18 10:27 PM Re: California Consumer Loans cwscb
Reg Warrior Offline
100 Club
Joined: Jan 2017
Posts: 214
What does it matter if you haven't funded the loan? Your customer has already signed their contract with you. Since you want to change the terms of the contract, you would need to redisclose and get the customer to sign.

What will you do if the customer refuses to sign the modified loans terms? Would you not fund the loan? Think of the UDAAP implications. Think of your company's reputation.

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