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#2247395 - 01/08/21 05:31 PM HELOC With Fixed Rate Conversio
Luv2run Offline
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Joined: Jan 2015
Posts: 479
Our latest product endeavor is a HELOC that will have a draw term of 10 years and then the loan converts to a fixed 15 year repayment term

My thinking is this will not trigger TRID disclosures the payment terms are disclosed in the original documentation and is not a "refinance" situation.

Thoughts??
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TRID - TILA/RESPA Integrated Disclosures Rule
#2247398 - 01/08/21 05:48 PM Re: HELOC With Fixed Rate Conversio Luv2run
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,649
Galveston, TX
It remains an open-end product, subject to periodic statements, etc. for the life of the loan. Even if they can no longer obtain draws.
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#2247402 - 01/08/21 06:50 PM Re: HELOC With Fixed Rate Conversio Luv2run
Luv2run Offline
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Joined: Jan 2015
Posts: 479
Perfect! Thank you!
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