Disclosures in Financing 9

Adjustable Rate Loan Disclosure A lender offering adjustable rate residential mortgage loans must provide prospective borrowers with a copy of the most recent Federal Reserve Board publication which provides information about adjustable rate loans. The title is "Consumer Handbook on Adjustable Rate Mortgages". The publication must be given to the borrower upon request. Also it must be given when the lender provides information regarding adjustable rate mortgages. Lenders who have adopted or are subject to federal rules may provide the disclosures at the same time and under the same circumstances as when the lender makes the FEDERALLY required disclosures pursuant to the Truth-In-Lending Act.