Answer:
If the loan has a term greater than one year and is secured by the consumer’s principal dwelling, the following types of loans are subject to the disclosure requirements:
• Adjustable rate loans,
• Renewable balloon payment loans that have specific renewal language,
• Certain preferred rate loans, and
• Price-level adjusted mortgages or other indexed mortgages that provide for periodic adjustments.
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Learn more about Jack and Kelly’s webinar ARM Disclosures – Review and Update
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