We only have two loans that were made for the purpose of education expense prior to the implementation of the rule. We have been doing modifications to extend the maturity. One of the loans is a variable rate loan, the terms have not changed since origination; however, this time the APR is greater than the original APR by more than the .125% threshold (the interest rate has increased).
Does the section 1026.20(a)(3) Variable Rate apply to non-real estate variable loans? is it okay to just modify it without triggering the disclosure requirements if the original note disclosed the variable rate features? It's not an ARM loan.