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#2163392 - 02/06/18 11:03 PM Revolving (unsecured) Personal Lines of Credit;
Need2know Offline
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Joined: Apr 2014
Posts: 85
We have recently noted that the loan documents for a Personal Revolving and unsecured Line of Credit were generated and executed by our customer, reference the wrong loan number. Please confirm if a cure letter an appropriate way to correct the error or should the correction be made via a refinance?

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Lending Compliance
#2163433 - 02/07/18 03:22 PM Re: Revolving (unsecured) Personal Lines of Credit; Need2know
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
A loan number is pretty much an internal issue. I believe I would just notify them via correction letter, and move on.

This is in the wrong forum, so I will also request it to be moved elsewhere.
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My opinion only. Not legal advice.

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#2163579 - 02/07/18 10:52 PM Re: Revolving (unsecured) Personal Lines of Credit; Need2know
Need2know Offline
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Joined: Apr 2014
Posts: 85
Is the response going to be different for a consumer transaction secured by a dwelling or does loan # remain an internal issue? I ask because in a real estate secured transaction, the loan # is referenced on the "recorded" lien instrument.

Just want to confirm how your response changes in that scenario?

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#2163582 - 02/07/18 11:10 PM Re: Revolving (unsecured) Personal Lines of Credit; Need2know
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,224
Galveston, TX
the loan # is referenced on the "recorded" lien instrument

That would be a State law issue.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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