Why do we have all of these program disclosures for ARM loans?

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Question:

We have multiple program disclosures for ARM loans, is there a reason we have to have more than one?

Answer:

An ARM program disclosure is required for each variable rate program in which the consumer expresses an interest that details the following:
• The interest rate, payment, or term of the loan can change;
• The index or formula used in making adjustment,
• How the rate and payment is determine,
• Along with many other specific requirements about the product.

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Learn more about Jack and Kelly’s webinar ARM Disclosures – Review and Update