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BankersOnline.com Forums State-Specific Compliance Issues Washington State HELOC Conversion fee
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#2108062 - 11/21/16 02:21 AM HELOC Conversion fee
Baker Offline
Platinum Poster
Joined: Nov 2005
Posts: 792
Washington State
Can we charge a fee for converting a HELOC to a fixed rate loan? There will be no draws loan once converted.

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#2108063 - 11/21/16 02:48 AM Re: HELOC Conversion fee Baker
Baker Offline
Platinum Poster
Joined: Nov 2005
Posts: 792
Washington State
Also can we add the fee to the balance?

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#2108073 - 11/21/16 07:27 AM Re: HELOC Conversion fee Baker
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,396
Galveston, TX
I would be surprised that any fee limitation would be imposed because you choose to refinance the loan into a closed-end loan. It is a totally new transaction subject to all TRID closed-end disclosures.
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