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#1914159 - 04/14/14 03:30 PM HELOC - Balloon Payment Notice
Tarhe Offline
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Joined: Nov 2006
Posts: 1,403
California
Is a balloon payment notice prior to maturity required for a HELOC under any federal regulation?

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#1914177 - 04/14/14 03:48 PM Re: HELOC - Balloon Payment Notice Tarhe
Sound Tactic Offline
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Sound Tactic
Joined: Feb 2005
Posts: 5,349
I am guessing you are issuing statements to your HELOC customers. It should be on there.
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#1914178 - 04/14/14 03:50 PM Re: HELOC - Balloon Payment Notice Tarhe
manimal Offline
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manimal
Joined: Feb 2008
Posts: 2,207
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Do you mean in the early disclosures? Or in disclosures at loan consummation? Or some other notice during the life of the loan (like what Red Herring suggested)?
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#1914198 - 04/14/14 04:04 PM Re: HELOC - Balloon Payment Notice manimal
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,403
California
It's a pre-maturity balloon notice that is sent 90-150 days prior to the due date of the final payment. Under California law, we are required to send a balloon payment notice to loans secured by real property - HELOCs are exempt from that requirement. We have been sending this notice to HELOCs but would like to discontine - and were wondering if there was a federal requirement that such a balloon notice be sent on HELOCs?

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