Yes. However, your initial ARM program disclsoure would have to allude to the fact that there are no perioidic rate caps.
Supplement I, 226.19: Certain Residential Mortgage and Variable-Rate Transactions (01/01/02)
2. Variable-rate loan program defined.
i. Generally, if the identification, the presence or absence, or the exact value of a loan feature must be disclosed under this section, variable-rate loans that differ as to such features constitute separate loan programs. For example, separate loan programs would exist based on differences in any of the following loan features:
A. The index or other formula used to calculate interest rate adjustments.
B. The rules relating to changes in the index value, interest rate, payments, and loan balance.
C. The presence or absence of, and the amount of, rate or payment caps.
D. The presence of a demand feature.
E. The possibility of negative amortization.
F. The possibility of interest rate carry-over.
G. The frequency of interest rate and payment adjustments.
H. The presence of a discount feature.
I. In addition, if a loan feature must be taken into account in preparing the disclosures required by §226.19(b)(2)(viii), variable-rate loans that differ as to that feature constitute separate programs under §226.19(b)(2).
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The opinions expressed are mine and they are not to be taken as legal advice.