Effective January 1, 2015-Valid ARM Plan ID Required at New Loan Boarding
The CFPB, as of January 2014 required the addition of the next interest rate change date to appear on the periodic billing statement for all Adjustable Rate Mortgages (ARMs). In order for this to occur, a valid ARM Plan ID must be submitted at the time a new loan boards our system.
Effective January 1, 2015, we will have in place a new loan boarding edit that will prevent a new loan from boarding our system if the data file received does not contain a valid ARM Plan ID. In the meantime, we ask for your help in verifying your ARM Plan ID data. Your relationship manager can provide you with the current ARM Plan ID Table, should you need it. For the ARM product that does not fit into the existing ARM Plan ID table, please forward a copy of the Note and Riders requesting a Plan ID be issued, to firstname.lastname@example.org.