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Does this have to be 45 days? This is the time period that was mentioned in last weeks’ CMG session. Ours are set at 70 days making the total amount of time between the notice and the due date of the payment at the new level about 100 days. As long as this is less than 120 days, it is OK, correct?
You’re correct, as long as it is delivered 120 days before the new payment is due it is fine. Jack used the 45 day example because it is fairly common.
Here’s a similar post from a couple of weeks ago. https://mycomplianceresource.com/forums/topic/regulation-z-arm-notices/
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