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TRID/ Index rate

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  • September 28, 2022 at 12:02 pm EDT #37896
    vellis
    Participant

    I have a situation that has not happened to me in the past.
    I have a loan that when the initial closing disclosure was given prime rate was 5.50%.
    Between the initial and closing the index rate changed to 6.25%.
    Through research we found out that we could use the index in effect at the time of disclosure, and would not have to change the index rate. Is this correct? I have sent a copy of what was found.

    If I do have to changed the index rate from 5.50% to 6.25%, I will have to redisclose because the APR is out of tolerance.

    Is it possible that you have some information on this. I would definitely appreciate any information that you have.

    I have sent you attachments hoping it will help in understanding what I’m talking about.
    I really need to know soon if at all possible.

    You may call or email me.
    Thank you very much

    Virginia

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