Change in Index Change

[Alberto Vazquez]

Has anyone received notice of a change in the LIBOR index to a new index based on the "Secured Overnight Financing Rate" (SOFR). I currently have an ARM loan which according to my promissory note is fixed until mid 2028. The notice claims that the replacement of LIBOR will NOT change any other terms of my ARM loan, such as margin, the max interest rate I may pay during the term of the ARM loan, or the timing of any interest rate resets.

Is this merely a change in the table/calculation used? Should I be worried about the interest rate radically changing and if it does is this even legal?

Thanks in advance.