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#107603 - 08/18/03 10:19 PM Home Equity Refinancing
Ellis Offline
Junior Member
Ellis
Joined: Feb 2003
Posts: 25
We need to refinance an open-end HELOC into a closed-end variable rate note. I am thinking that we need to do all ARM TIL disclosures and RESPA, would this be correct?

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Lending Compliance
#107604 - 08/18/03 10:44 PM Re: Home Equity Refinancing
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
You are correct. Don't forget Flood (although you may be able to rely on a previous SFHDF), RofR (if new money is advanced) and HMDA (if it is HI or refinance of purchase money, or if you choose to report all refinancings).
_________________________
David Dickinson
http://www.bankerscompliance.com

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#107605 - 08/19/03 03:34 PM Re: Home Equity Refinancing
Ellis Offline
Junior Member
Ellis
Joined: Feb 2003
Posts: 25
David, thank you for the reassurance.

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#107606 - 08/17/04 06:14 PM Re: Home Equity Refinancing
Georgia Golfer Offline
Gold Star
Georgia Golfer
Joined: Jun 2003
Posts: 415
1st Tee
What about the reverse, converting a closed end Home Equity Loan into an open ended HELOC?

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#107607 - 08/17/04 06:22 PM Re: Home Equity Refinancing
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,363
Galveston, TX
HELOC disclosures, RofR, Flood, and HMDA (optional).
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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