Change In Terms for Consumer Variable Interest

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Question:

Can we do a change in terms for a consumer variable rate interest only home equity line of credit product that has NOT matured (matures 2016)and change it to a closed end fixed rate P&I payment product for 5 years to mature in 2017?

Answer:

Whether you can do this through a modification is a question for your legal counsel. However, it will trigger all closed-end disclosures.

First published on BankersOnline.com 2/18/13