Trends and Issues

Question of the week

Q.: Is a borrower required to complete a new master promissory note (MPN) when he or she changes guarantors?

A.: No, a new MPN is not required when a borrower changes guarantors. However, because the MPN is a contract between the borrower and the lender, a new MPN is required when the borrower changes lenders. See Section 6.16 of the Common Manual for the full list of conditions under which a new MPN is required.

An updated version of the Integrated Common Manual is available from TG's website at www.tgslc.org/policy/integrated_online_manual.cfm.

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