With Prime changing so much recently the topic of how we process new originations has resurfaced.

We have our lines currently disclosed to use prime as of the 25th day of the previous month.
We also disclose our HELOCS to use prime as of the 15th day prior to the 1st day of each calendar quarter. With rates falling this leaves us in a competitive disadvantage using a prime rate from 2 months ago when prime has since fallen.

How do others set their variable rates for origination? We will probably still go with the above for ongoing rate adjustments. But what rate do you use at origination?

Whatever prime is on the day you receive the application? What prime is on the day of funding?

Any information is greatly appreciated.

These are all open-end lines of credit I assume?

yes.

Most lines of credit that I have seen sets the rate based on the first day the billing cycle without a lookback. I haven't seen very many lines that use some sort of a lookback period.