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#1664412 - 02/13/12 09:01 PM Prepaid Finance Charges on a HELOC
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
Is an annual fee on a HELOC considered a prepaid FC?

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Lending Compliance
#1664449 - 02/13/12 09:45 PM Re: Prepaid Finance Charges on a HELOC Many Hats
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,035
Toano, VA
"Prepaid FC" is a concept that exists only in the rules for closed end credit.
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#1664743 - 02/14/12 03:14 PM Re: Prepaid Finance Charges on a HELOC Richard Insley
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
Perhaps it relates to disclosing finances charges that were paid using the first advance. Those items have to be disclosed on the 1st periodic payment and identified as finance charges.
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