It is alot easier to track renewals when you put the old note number on the new note. Have you ever tried tracking dollar amounts and payoff dates on histories to determine what is new monies and what is renewal monies? I like to reference old numbers on the new note, even if only a portion of a note rolled into it.
This not only helps you answer questions, it also helps auditors, examiners and loan review when reviewing a file and trying to identify how loan documents with dollar amounts relate to a promissory note.
But remember, should you change to a new borrower or entity that would not be considered "renewal".
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Just working here until I get my letter from Hogwarts.