ARM Notice if Rate/Payment Does Not Change

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Question:

If a residential ARM loan does not have a rate change, and therefore, does not have a payment change, is the bank still required to send the ARM notice?

Answer:

1026.20(c) Rate adjustments with a corresponding change in payment. The creditor, assignee, or servicer of an adjustable-rate mortgage shall provide consumers with disclosures, as described in this paragraph (c), in connection with the adjustment of interest rates pursuant to the loan contract that results in a corresponding adjustment to the payment