What type of disclosure must include a statement that the payment or loan terms can change?

The Adjustable Rate Mortgage Disclosure is the correct choice because it specifically pertains to loans that have variable interest rates. This disclosure must include a statement indicating that the payment or loan terms can change over time, reflecting the nature of adjustable-rate mortgages which can fluctuate based on changes in an index or market conditions.

In contrast, a Fixed Rate Mortgage Disclosure pertains to loans with a constant interest rate, where the payment remains stable throughout the life of the loan. Therefore, it does not need to include information about changing terms. The Loan Estimate Disclosure provides a summary of key loan features but does not specifically state that payment terms can change, as it is a broader summary. Finally, the Closing Disclosure outlines the final loan terms and costs before the transaction is finalized but doesn't focus on the potential variability of loan payments in the same way that adjustable rate terms do.