We are trying to set up a template on LaserPro for the credit agreement for a Revolving Line of Credit secured by vacant land with a fixed interest rate. We initially used the HELOC template to set up the credit agreement, but are now looking at a fixed rate line of credit secured by a savings account and it has the fed box (similar to a credit card) on its credit agreement. I'm not sure how this template should be structured. Does anyone see an issue with having a fixed rate line of credit secured by vacant land.

Thanks for the help. It is greatly appreciated.

Consumer or Commercial purpose?

Consumer.

We have the same issue. Trying to do a revolving line of credit, consumer purpose secured with vacant land. Is it ok for it to be revolving since it is not secured by a 1-4 family?

Can anyone offer any guidance?

It is just a consumer line of credit that is secured and disclosed under 1026.6(b). It would not be disclosed under 1026.6(a) (HELOCs).

If you are having trouble with LaserPro - you should be calling them.

Ok. I was just making sure we weren't trying to do something we weren't supposed to. It appears to be user error.

As always thanks for your reply!

We have an unsecured consumer line of credit where the loan officer would like to add a vacant lot as collateral mid-stream. Should the loan be re-documented as a brand new loan?

That is a question for your legal counsel as to whether such a modification of your current credit agreement is possible. It is not a compliance concern.