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.