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#1250273 - 09/15/09 03:51 PM 24 days=HELOC and loans?help!!
Trees Offline
Power Poster
Joined: Apr 2005
Posts: 4,013
Please settle a couple issues for us. We know what we had to do for HELOCs and extending the billing period. Done.

HOw does this impact the loans once they convert to a P&I Payment? Are you still adding on the extra # days?

Does this impact HE loans (no drawdowns available)?


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Lending Compliance
#1250323 - 09/15/09 05:20 PM Re: 24 days=HELOC and loans?help!! Trees
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,769
Bloomington, IN
I am assuming you are referring to when the loan goes from the draw period to the repayment period. The repayment period is still governed by the open-end credit rules therefore the 21 day rule for the statement still applies.

Closed-end HE loans are not governed by the open-end credit rules.
The opinions expressed are mine and they are not to be taken as legal advice.

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