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I read the post about ARM notices by Elebra a few days ago. I also read Jack’s blog about current loans with no lookback or a lookback that does not allow enough time for the notice to go out 60 days before. I guess I don’t understand how this can apply to current loans made before this reg goes into effect. We have several old ARM loans that have no lookback or have a lookback of 15 days. Do I need to do anything with these loans? I just can’t get my head around a scenario where a current ARM loan would be affected if there is this exemption in there for loans already on the books with no lookback or a shorter lookback?
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