Jump to Navigation

Dreher Tomkies LLP
Attorneys at Law
2750 Huntington Center
41 South High Street
Columbus, Ohio 43215
Telephone (614) 628-8000
Fax (614) 628-1600



Law Digests Online!
Home
Firm Overview
Practice Areas
Attorney Profiles
Alerts
Multistate Digests
Articles
Representative Clients
Resource Links
Firm Brochure
Contact Us
Save to My Favorites
Print this page
Alerts Contextual Image

REVISED CONSUMER HANDBOOK ON ADJUSTABLE RATE MORTGAGES (CHARM) NOW AVAILABLE

On December 26, 2006, the Federal Reserve Board and the Office of Thrift Supervision released the revised Consumer Handbook on Adjustable Rate Mortgages (CHARM). The CHARM has been available since 1987, and this is the most recent edition.

The Truth in Lending Act and Regulation Z require lenders to provide a copy of the CHARM booklet to each consumer applying for an adjustable rate mortgage. Although lenders may immediately begin using the revised CHARM booklet, they are not actually required to distribute the revised edition until October 1, 2007. Until that date, a lender may continue to use the previous edition.

The CHARM handbook revisions focus on issues surrounding non-traditional mortgage options which may permit a borrower to defer payment of principal or interest.

Lenders should be prepared for the questions that potential borrowers may ask.

Michael Tomkies and Kathleen Manley