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TRID Loans and Required Rate Cap

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All of our TRID loans are on a variable rate that changes monthly. I thought the required rate cap was an increase or decrease of 2% each time it changes. Now I cannot find any documentation regarding this issue. I know we have to disclose the ceiling but is the adjustment under our discretion?

Periodic rates caps are purely discretionary unless governed under State law or investor or guarantor program requirements.

First published on 03/14/2021

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