arm loan - prime rate changes

Posted By: OnTheEdge

arm loan - prime rate changes - 11/08/02 07:26 PM

We've quoted actual rates to some folks earlier in the week before prime changed. The loan documents were created reflecting the original rate quoted. Loan closes today after prime has changed. We don't make any changes to the loan docs. Do we get any "grace" period when rates change and we've already provided rates, margins and so forth to customer?
Posted By: Richard Insley

Re: arm loan - prime rate changes - 11/08/02 07:38 PM

You'll have to be more specific about the product, how it's priced, which docs you're questioning, etc.