Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#1110114 - 01/13/09 07:43 PM HELOC
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
Would anyone be willing to share the information disclosed on the back of your HELOC statments?

Return to Top
#1110121 - 01/13/09 07:47 PM Re: HELOC ahkcompliance
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
The billing error rights model form and the balance computation method and any State law requirements.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1110142 - 01/13/09 07:58 PM Re: HELOC ahkcompliance
Cowboys Fan Offline
Power Poster
Joined: Dec 2002
Posts: 4,615
SC
We basically use the exhibit from the regulation. We leave off the credit card section.
_________________________

Return to Top
#1110195 - 01/13/09 08:53 PM Re: HELOC Cowboys Fan
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
Would we need to do the billing rights summary if you cannot write a check off of the HELOC. We do not have a special checking account for a HELOC. If a client wishes to use funds, we advance the money into their checking account. So would we need the billing notice? We have not provided it before. We only put the balance compuatation method on the statment.

Return to Top
#1110355 - 01/13/09 11:10 PM Re: HELOC ahkcompliance
Cowboys Fan Offline
Power Poster
Joined: Dec 2002
Posts: 4,615
SC
Yes. Billing errors aren't limited to advances - see 226.13(a) for more info regarding billing errors.
_________________________

Return to Top

Moderator:  Lestie G