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What is this CHARM booklet you speak of?

Question: 
I am a new lender and am trying to understand what disclosures I have to give on an adjustable rate mortgage and when I have to give them?
Answer: 

In addition to the disclosures required on any mortgage loan the following disclosures must be provided on an ARM:
• The booklet titled Consumer Handbook on Adjustable Rate Mortgage (CHARM booklet); and
• A loan program disclosure for each variable rate program in which the consumer expresses an interest.
Both disclosures must be provided by the earlier of:
• The time an application form is provided; or
• Before the consumer pays a non-refundable fee.

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Learn more about Jack Holzkencht’s webinar
Common Pitfalls of ARM Disclosures

First published on 06/24/2018

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