Are there any issues with this statements: What would you do with an extra $200 each month? The flyer goes on to give an example of a mortgage with 7% vs 4.5% and the amount that can be saved each month.

Does the flyer state or suggest that you offer loans with the 4.5% IR?

4.5% is only referred to in the example. Other verbiage indicates the bank has options to lower monthly payments and to contact the bank for a free consultaion.

Another question: if we use an example such as comparing a 30 year loan from the current APY to a lower APY, do we need to disclose the payment schedule? Or is it ok to list the current and lower monhtly payments?

Have you reviewed 1026.24? I would begin there and see if it answers your questions, particularly regarding triggering terms:

http://www.bankersonline.com/regs/12-1026/12-1026-024.html