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No Demand Or Discount - No Disclosure

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Question: 
I am reviewing an Adjustable Rate Mortgage initial disclosure and I do not find a statement that the interest rate will be discounted or a statement that the loan contains a demand feature (the Note does contain a demand feature). I am wondering if both of these disclosures are required on every initial ARM disclosure or only loans that have an interest rate discount and a demand feature.
Answer: 

Disclosures are required if applicable. If there is no demand or discount feature, then no disclosure is required for those items.

First published on BankersOnline.com 1/15/01

First published on 01/15/2001

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