Final answer:
A Change memo is indeed used to seek approval for modifying a loan's terms after approval but prior to closing, making the statement True.
Step-by-step explanation:
The statement that a Change memo is used to request an approval to change terms, rate, amount, etc., after the Loan has been approved but before the Loan has been closed/booked is True.
A Change memo is a formal document used in the lending process to document and request alterations to the original terms of a loan agreement. Such adjustments may be necessary due to changes in the borrower's financial situation, amendments in lending regulations, or shifts in market rates that make the original terms nonviable or uncompetitive.
Essentially, the memo serves as a record that such a request was made and provides the rationale behind it. For the lender, it is a necessary step to ensure that any deviations from the initial agreement are thoroughly reviewed and authorized to protect the lender's interests and maintain the integrity of the lending process.