Disclosing Payment Schedules on an ARM Loan

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Disclosing Payment Schedules on an ARM Loan
by Richard Insley, BOL Guru
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Question: What is the correct way to complete the Truth in Lending disclosure on the payment schedule portion, when you have a one year adjustable rate mortgage? Also, do you know where I can get a copy of the 10 year index? Isn't this a requirement for all ARM loans?

Answer: Comment 10 to Section 226.17(c)(1) discusses payment schedule requirements for these types of loans. The Fed maintains a number of commonly used indexes in its online version of Publication H15-519.

First published on BankersOnline.com 1/6/03

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