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#524177 - 03/29/06 11:31 PM Specify Index Value (%) in ARM Note?
SJB Offline
Diamond Poster
SJB
Joined: Jun 2002
Posts: 1,210
California
A document provider has advised our note folks that the promissory note on a SFR ARM must have the index (actual %) stated in the note according to Reg Z. I thought Reg Z was a disclosure reg and didn't deal with the actual note. I would agree that the note needs to describe the index but the actual index value at funding is not required in the note.
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Lending Compliance
#524178 - 03/30/06 03:25 AM Re: Specify Index Value (%) in ARM Note?
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,222
Toano, VA
Perhaps this note is designed in such a way that it's necessary to mention the index value in order to comply with Section 226.30?
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