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Docs Required to Lower Interest Rate on Loan

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Is documentation required to lower the interest rate on an existing consumer loan not secured by RE?

You'll need some type of legal agreement (or at least the customer should want it). You could do a modification agreement instead of a whole new note, however. Refer to Regulation Z Section 1026.20(a) for the rules about modification vs. refinancings.

First published on 3/4/13

First published on 03/04/2013

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