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#21446 - 06/20/02 10:36 PM arm disclosures
Colleen Offline
100 Club
Joined: Oct 2001
Posts: 130
Our lending software gives me a choice as to the type of ARM disclosure I want. One is the simplified form, one is the 15 year history disclosure, and one combines both forms. The simplified form only lacks the 15 year history. Everything else is the same. Can I use the simplified form for all loans or is the 15 year history required for certain situations? Thanks for any input.

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Lending Compliance
#21447 - 06/20/02 10:43 PM Re: arm disclosures
Al Miller Offline
Diamond Poster
Al Miller
Joined: Oct 2000
Posts: 2,416
Pleasanton CA USA
The 15 year history is still required on open-end (Home Equity lines of credit).
Al Miller, CRCM
Opinions expressed are my own and not necessarily shared by my employer.

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#21448 - 06/21/02 01:43 AM Re: arm disclosures
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,191
Toano, VA
For ARM loans, the 15 year history is strictly optional.
...gone fishing.

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