A future advance clause is not a cross collateral clause.
A future advance clause allows you to make new advances on a new note secured by the mortgage. The new note would have to reference the mortgage. This note would be subject to HMDA reporting depending on it's purpose, RESPA & TIL if a consumer purpose, Flood, HPML, MDIA, etc.
A cross collateral clause encompasses all present and future extensions of credit regardless if the mortgage is referenced. There are exclusions for loans subject to the ROR where the ROR was not provided. If the loan is secured by virtue of the cross collateral clause then all the disclosure mentioned in the case of the future advance clause would also apply.
Edited by Dan Persfull (02/17/11 04:39 PM)
Edit Reason: Add additional comment.
The opinions expressed are mine and they are not to be taken as legal advice.