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A question we received from one of our members:
Is a CHARM booklet required if the ARM is a refinance? I know the Settlement Cost Booklet is not required for refinances and I’m not certain about CHARM booklet.
The ARM disclosures (including the CHARM Booklet) required by Section 1026.19(b) are required for all closed-end variable-rate transactions that are secured by the consumer’s principal dwelling and have a term greater than one year. The requirements apply not only to transactions financing the initial acquisition of the consumer’s principal dwelling, but also to any other closed-end variable-rate transaction secured by the principal dwelling. A refinancing is considered a new transaction so the CHARM booklet is required.
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