Is there any compliance restriction that would prevent us from changing a customer’s due date on a HELOC if the customer generates the request? I know there were some restrictions about changes to due dates that were part of UDAP requirements for credit cards, but I do not believe HELOCs were impacted and I do not believe request for changes that came from the customer were problematic.
I know I had seen somewhere that if a bank chooses not to report HELOC loans, it is recommended to not report Business Lines of Credit as well. I cannot find it? Would we be o.k. in not reporting those? We do have it on our check sheets as an exemption if Business line of credit with personal residence.
I recently attended a Harland Laser Pro Regional Conference. It was indicated that the SAFE ACT states that mortgage lenders must register for a NMLSR. Does this include loan officers that just take Home Equity Loan and HELOC applications?
Is verification of income required on a home equity line of credit? If yes, is there a maximum DTI that the lender should not go beyond?
In a first lien home equity loan against a dairy and primary residence where the funds are to pay commercial taxes, not for a consumer purpose, would the escrow requirements under the HPML come into play?
Does the right of rescission apply on a HELOC if it will be a first mortgage?
What documents are required for an open-end home equity line of credit?
If we are freezing all HELOC accounts that have adverse credit, what notice has to be provided to the customer and when? We disclosed the bank's ability to do so in the initial disclosure.
Must the HELOC program disclosure be signed by the applicant?
In 10/09, a customer refinanced a home equity loan, no cash out. Does that mean he cannot do another loan involving his primary residence for at least twelve months, due to “once a home equity, always a home equity”, or is the twelve month rule just on the original loan, not a no cash out refinance of the balance? Would he be eligible for a reverse mortgage or HELOC at this time, or does the original home equity status of the loan prevent those options?