September 3, 2007 News Archive
Creditors Must Use Revised CHARM Book Beginning Oct. 1
Banks and other creditors must start using the revised Consumer Handbook on Adjustable-Rate Mortgages (the CHARM booklet) on Oct. 1, 2007. The revised booklet was announced in a Dec. 26, 2006, press release, and describes how interest-only and payment option mortgages typically work. The federal regulators gave financial institutions until Oct. 1 to use their existing stock of CHARM booklets. Creditors also have the option of using a suitable substitute information booklet.