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#699684 - 03/12/07 01:45 PM New CHARM Booklet
Lavender Offline
Gold Star
Joined: Jun 2003
Posts: 335

Would someone please provide me with a brief synopsis of what changed?

Thank you in advance!
Teamwork...Together we achieve the extraordinary!

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Lending Compliance
#699706 - 03/12/07 02:07 PM Re: New CHARM Booklet Lavender
pjs Offline
10K Club
Joined: Aug 2004
Posts: 10,319
The changes include expanded explanations and warnings to consumers about how adjustable rate programs work and explanations about non tradtional mortgage products. Included in the changes are discussions about "interest only" mortgages, "payment option" mortgages and "hybrid ARMS" that involve an initial fixed period followed by a variable rate period. The changes are aimed at providing consumers with more information about these popular products and the increased risks they present.

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