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#1073851 - 10/30/08 06:55 PM Need Help FAST!! Increase to HELOC
Janet Munns Offline
100 Club
Janet Munns
Joined: Apr 2007
Posts: 163
Florida
We have a customer requesting an increase to his existing HELOC which is 20 year term at Prime - .50%, bank paid all fees. We stopped offering this product and changed to Prime, customer pays all feed. Senior Lender says that he doesn't want to allow increase to existing line and customer would have to open new line with new terms. I say this is a fair lending issue and is not allowed. Customers current HELOC is in good standing, very small balance, customer has high credit scores with little debt. Lender wants to decline loan due to "bank does not offer terms requested" I firmly disagree. HELP
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Janet Munns, CRCM
Florida

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Lending Compliance
#1073901 - 10/30/08 07:35 PM Re: Need Help FAST!! Increase to HELOC Janet Munns
Sage Offline
Platinum Poster
Joined: Aug 2005
Posts: 914
What does your HELOC note say about increases to the HELOC amount?

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#1073923 - 10/30/08 07:53 PM Re: Need Help FAST!! Increase to HELOC Sage
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,965
TN
If you do this across the board for everyone it shouldn't be a fair lending issue.
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#1074467 - 10/31/08 04:10 PM Re: Need Help FAST!! Increase to HELOC Skittles
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Quote:
Lender wants to decline loan due to "bank does not offer terms requested" I firmly disagree.


You've discontinued the program. I see nothing wrong with this if as Duchess says you apply it across the board to everyone in this program.
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The opinions expressed are mine and they are not to be taken as legal advice.

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