Mortgage Professional Supplies

ARM Booklets

CHARM Booklet has been revised:
On December 26, 2006, the Federal Reserve Board and the Office of Thrift Supervision announced that CHARM Booklet (Consumer Handbook on Adjustable Rate Mortgages) has been revised. This booklet provides information to consumers about the features and risks of such loans. In recognition of the growing use of nontraditional mortgage products, the agencies have substantially revised the CHARM booklet to include discussions about “interest-only” and “payment option” mortgages.

Topics Covered Include:

What Is an ARM?
How ARMS Work: the Basic Features
Types of ARMs
Consumer Cautions
Where to Get Information
Mortgage Shopping Worksheet
Glossary
List of Resources for More Information

This revised version of the CHARM booklet (or suitable substitute) must be used on or after October 1, 2007. Until then, you have the option to continue using the current version of this booklet or the new one.

ARM Right for You? Item 3487	ARM Interest Only Item 4394BF	ARM Interest Only Item 2196BFN