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#2282634 - 03/24/23 03:47 PM Balloon Loans
SallyGirl Offline
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Joined: Aug 2014
Posts: 87
Is there a 45-day notice required under Reg Z for balloon loans that their loan is ballooning and/or rate/payments are changing?

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Mortgage Servicing Rules
#2282636 - 03/24/23 03:59 PM Re: Balloon Loans SallyGirl
SallyGirl Offline
Member
Joined: Aug 2014
Posts: 87
Loans secured by 1st lien on real property...

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#2282640 - 03/24/23 04:10 PM Re: Balloon Loans SallyGirl
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
There are no balloon notifications required under Regulation Z, although your State law might require one. If you are talking about ARMs, see 1026.20(c) and (d) for payment change notice requirements.
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#2282642 - 03/24/23 04:17 PM Re: Balloon Loans SallyGirl
SallyGirl Offline
Member
Joined: Aug 2014
Posts: 87
Thank you. I researched and didn't find anything but some in my shop seem to think there is. I will check State law.

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