Mortgage Industry Blog

Adjustable Rate Mortgage Handbook

Some students in our course have difficulty understanding how Adjustable Rate Mortgages work. Even some "old timers" have difficulty presenting the facts of these sometimes confusing loans.

In addition to our lesson material (which is quite comprehensive) there are numerous websites where you can learn more, or see different ways these loan programs are explained.

One of the best of these websites is hosted by the Federal Reserve Board (FRB). In particular their web pages dedicated to Adjustable Rate Mortgages are very well done.

As a mortgage loan officer, when you offer an ARM to an applicant, as part of their required disclosure package you must provide them with a copy of the CHARM booklet and worksheet. "The Consumers' Handbook on Adjustable Rate Mortgages" is a publication from the FRB and every loan originator needs to be very familiar with it.

It's a superb way to reinforce your understanding of these programs. Visit the FRB site to order copies. They are free of charge.

Posted: 3/17/2011 9:35:07 AM by Jim Wiltse | with 0 comments

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