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#2108671 - 11/26/16 02:29 PM question on home equity loans- open end
pjs Offline
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pjs
Joined: Aug 2004
Posts: 10,319
oHiO
Hello- we pay all costs on home equity loans and our bank is trying to keep cost low. I was wondering if you could share how
you do open end home equity loans- like we do ours with full appraisal and title policy.

Thank you very much.

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#2108673 - 11/26/16 03:40 PM Re: question on home equity loans- open end pjs
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,649
Galveston, TX
Unless the line is over $250,000, with an in-house evaluation and a title search only is about the only way to cut costs.
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#2108682 - 11/28/16 12:53 PM Re: question on home equity loans- open end pjs
pjs Offline
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pjs
Joined: Aug 2004
Posts: 10,319
oHiO
Thank you!

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#2109702 - 12/05/16 08:58 PM Re: question on home equity loans- open end pjs
Onehotidea Offline
Junior Member
Joined: Jul 2015
Posts: 36
Minnesota
1. On a home equity line of credit does it matter if the government monitoring gets done if the purpose is not to refinance or purchase? I was told by compliance that I need to cross it out so you can’t tell what was checked and write customer filled out in error? Is this something that one could get sited for during an exam if the information was filled in?

2. Loan Officer signed the loan application as of 5/24/16. But the borrower signed it on the 5/23/16 which is that date that it was received and credit was pulled to evaluate. Would the loan officer want to change the date that they signed the application to the 23rd as well??

Thank you!

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#2109712 - 12/05/16 09:07 PM Re: question on home equity loans- open end pjs
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,649
Galveston, TX
1. Listen to your compliance department.

2. A person dates documents the date that they sign it. Changing the date of signature is a fraudulent act. The date the loan officer signs an application does not impact the date that the bank received it.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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