ARM program disclsoure

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    on the siplified arm disclsoure i am trying to figure out what date needs to be disclosed under the how your payment changes section, where it talks about the interest rate. i have pasted the section in question.

    For example, on a $10,000 360-month loan with an initial interest rate of 4.19% in effect , , the maximum amount that the interest rate can attain under this program is 10.5%, and the monthly payment can rise from an initial payment of $48.84 to a maximum of $77.83 in month 157 (13 year(s), 1 month(s)). This example is based on a periodic cap of 2 percentage point(s) and a lifetime cap of 10.5 percent. To see what your payments would be, divide your mortgage amount by $10,000; then multiply the monthly payment by that amount (for example, the monthly payment for a mortgage amount of $60,000 would be: $60,000 / $10,000 = 6; 6 x $48.84 = $293.04 per month).


    From the commentary 1026.19(b)(2)(viii)(B)-1: The disclosure form must state the initial and maximum interest rates and payments for a $10,000 loan originated at an initial interest rate (index value plus margin adjusted by the amount of any discount or premium) in effect as of an identified month and year for the loan program disclosure.

    The loan program disclosure must be revised once a year as soon as reasonably possible after the new index value becomes available. You should also revise the loan program disclosure if there are changes to the loan program.

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