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With our current rate structure we have discounted introductory rates. Does the discounted introductory rate need to be disclosed in the Promissory Note?
The compliance regulations do not mandate the terms of the note. The note establishes the terms of the agreement between your bank and your borrower. One of the critical terms of the note is the interest rate. Generally the note should reflect the actual rate charged at origination. If that can change then the contract provides the details regarding the adjustable rate feature.
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