Thread Options
#2114724 - 01/19/17 05:27 PM HELOC draws
Crazy in Compliance Offline
Member
Joined: Mar 2016
Posts: 50
Ohio
Besides the initial draw at the time of closing a HELOC, our borrowers can access their HELOC by check. Is this still considered a draw for disclosure purposes? We have a minimum draw of $500 by check and was wondering if we need this in the early disclosure (I think we do).
_________________________
It's better to be absolutely ridiculous than absolutely boring. . . Marilyn Monroe

Return to Top
Lending Compliance
#2114731 - 01/19/17 05:46 PM Re: HELOC draws Crazy in Compliance
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
yes. Minimum draws should be disclosed as well was the method(s) that draws may be made.
_________________________
The opinions expressed are mine and do not necessarily reflect those of my employer.

Return to Top
#2114757 - 01/19/17 07:07 PM Re: HELOC draws Crazy in Compliance
Crazy in Compliance Offline
Member
Joined: Mar 2016
Posts: 50
Ohio
Thank you, OnTheEdge!
_________________________
It's better to be absolutely ridiculous than absolutely boring. . . Marilyn Monroe

Return to Top

Moderator:  Andy_Z