Consumer Handbook on ARM Loans - Updated 1/2014

Consumer Handbook on ARM Loans - Updated 1/2014
Item# 2196BFN

Product Description

The official Consumer Handbook on Adjustable Rate Mortgages (CHARM) is designed to help consumers understand this important and complex mortgage option. Prepared by the Federal Reserve Board the Office of Thrift Supervision.

Topics Covered Include: - What is an ARM - How ARMs Work - Consumer Cautions - How Can I Reduce My Risk? - Where to Get More Information - Glossary of Common Terms - Mortgage Checklist.

January 2014 Updates:

1. Removing references to certain fees and product types that are no longer permitted, such as prepayment penalties on adjustable-rate mortgages;

2. adding information about the lender's obligation to consider the borrower's ability to repay the loan, provide disclosure of interest rate adjustments, and ensure a borrower has received homeownership counseling before making a negative amortization loan; and

3. adding CFPB contact information and resources for consumers and updates to other federal agency contact information. The CFPB resources added include: information about how consumers can submit a complaint to the Bureau; a link to the Bureau's online Ask CFPB tool to find answers to questions about mortgages and other financial topics; and a link to an online tool to find local HUD-approved housing counseling agencies.

Packages of 50

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