For a debtor to file a claim or raise a defense in Indiana, the debtor is required to have a commitment agreement in writing that sets forth all material terms and is signed by the creditor and the debtor. (IC §26-2-9-4). Our IN Commitment Agreement (Cx18838) was created a couple years ago to satisfy this requirement.
One of the material terms on the document is titled “Interest Rate Subject to Increase,” with checkboxes for Yes and No. As there has been some confusion about whether this question pertains to the interest rate prior to a rate lock or the post consummation interest rate, we have clarified the term by changing the language to: “Interest Rate Subject to Increase Before Loan Closing”.
This minor change will be in effect on January 21, 2017. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
DR 216624