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Jack sent out a blog regarding the 45 day look back on ARM’s. At the bottom of the blog it details a sample language that must be on the notes. Does that same language MUST be on the mortgage also?
The article included sample language from a FNMA note. Your vendor should be able to provide similar language. Check with the company or person that provides your mortgage to determine if the mortgage needs the language or not. Generally if the mortgage contains details regarding the variable-rate feature it should include language regarding the look back period. If the mortgage refers to the note for the details of the variable rate feature, then the mortgage probably does not need the look back language.
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