What documents are required for an open-end home equity line of credit?
Is an Early Truth in Lending disclosure required on an owner occupied one-to-four family purchase that includes over twenty-five acres of property?
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?
We're traditionally a home equity lender who has never tracked hazard insurance. Under the high priced mortgage rules, we are now required to escrow for taxes and insurance if it's an HPM and a first lien. Are we required to force place hazard insurance to comply with Reg. Z if we have an uncooperative borrower who has cancelled his insurance even though we are escrowing?
Our bank will be reporting Home Equity Lines of Credits for HMDA. Although we are not certain what the guidelines are for the loan amount, we understand we have to report only the amount intended for home improvements. For example, do we use the amount they draw at closing? Please clarify how to determine what amount to use.
If I take a home equity line of credit application in person, do the disclosures need to be given to the customer at that time or do I still have three days to get them out?
Are All Home Equity Loans HMDA Reportable?
Does the new TIL seven day waiting to close period apply to home equity credit lines?
It is my understanding that HELOCs do not fall under the new Early Disclosure requirement or Higher Price Loans. Is this correct?
Does home equity line of credit fall under the new Mortgage Disclosure Improvement Act, specifically, the seven day closing requirements?