Audit has brought it to our attention, that for some construction loans, the date of the first rate change on the note does not match the date on the CD. The actual rate change would normally be set to happen on the date that is on the Note (while the date on the CD is later than that). The language on the Note says the rate "may" change as of XX date so it would be ok if it doesn't until later.
1. Is there anything that can be done with the CDs to still be able to change the rate as of the date on the Note?
2. Is there any way to officially "cure" the ones where the date has already changed? Refund the difference in interest paid - will that actually fix the violation?
Just wishful thinking here, I think I know the answers, I just don't like them...
Opinions are my own.
"I was gratified to be able to answer promptly. I said I don't know." - Mark Twain