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#2261064 - 10/13/21 03:53 PM LIBOR to SOFR Notice Requirements
TMatt87 Offline
Diamond Poster
Joined: May 2011
Posts: 1,910
We are switching our ARMs tied to LIBOR to SOFR at the end of the year. Our existing notes have a fallback statement that says if the current index becomes unavailable, we will select a comparable index and notify the borrower of the change. I search Reg. Z, but I couldn't find any timing or content requirements for a change of index notice. Will this have to follow the normal rate change guidelines, or are changes in index requirements somewhere else?
All opinions are my own, not my employer's

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Lending Compliance
#2261069 - 10/13/21 07:53 PM Re: LIBOR to SOFR Notice Requirements TMatt87
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 77,310
Galveston, TX
Unless this gets finalized:

You are pretty much left with what is currently in Reg Z
The opinions expressed here should not be construed to be those of my employer:

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