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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Tarhe
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?