General Mortgage Knowledge · 20% of the SAFE exammedium
Correct answer: Options to explore if the borrower cannot afford the new payment and HUD counselor contact information
The first ARM rate-change notice has unique requirements: it must include options for the borrower to explore if they cannot afford the new payment AND information for contacting a HUD-approved mortgage counselor. Subsequent notices must show the current and new rates, the current and new payments, and the payment due date (Options A, B, and D), but do NOT need to include the counselor referral and alternatives information that is required only in the first notice.
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