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#1945570 - 07/24/14 09:31 PM Mortgagebot - 1st lien HELOC disclosure
WI Banker Offline
Gold Star
Joined: Dec 2006
Posts: 253
We recently realized that Mortgagebot supports applications for first lien HELOC's. It's my understanding that for first liens we need to provide a disclosure called Notice Regarding Your Loan Application at the time of application. Since the HELOC product doesn't differentiate between first and second liens, I wanted to see how other WI banks (I believe this is a state specific disclosure?) are handling this. Thanks!

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#1945898 - 07/25/14 04:04 PM Re: Mortgagebot - 1st lien HELOC disclosure WI Banker
WI Banker Offline
Gold Star
Joined: Dec 2006
Posts: 253
In case anyone else runs into this problem, here is the response I got from Mortgagebot:

"You are correct, we cannot configure disclosure display based on 1st lien Home equity and second lien home equity applications. You may want to consider always presenting this disclosure for all of your HELOCs but with language identifying that the information is only when the HELOC is in first lien position."

I will present it to our compliance department to see if they are comfortable with this option.

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