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.

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.

Thank you!

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!

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.