Skip to content
BOL Conferences
Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums Dodd-Frank Final Rules Discussions TRID - TILA/RESPA Integrated Disclosures Rule HELOC With Fixed Rate Conversio
Thread Options
#2247395 - 01/08/21 05:31 PM HELOC With Fixed Rate Conversio
Luv2run Offline
Platinum Poster
Joined: Jan 2015
Posts: 616
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??
_________________________
If at first you do succeed....try something harder
-fortune cookie

Return to Top
TRID - TILA/RESPA Integrated Disclosures Rule
#2247398 - 01/08/21 05:48 PM Re: HELOC With Fixed Rate Conversio Luv2run
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,371
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.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2247402 - 01/08/21 06:50 PM Re: HELOC With Fixed Rate Conversio Luv2run
Luv2run Offline
Platinum Poster
Joined: Jan 2015
Posts: 616
Perfect! Thank you!
_________________________
If at first you do succeed....try something harder
-fortune cookie

Return to Top