Thread Options
#2255216 - 06/11/21 10:25 PM HELOC Disclosure and Floor Rate
Jenny Offline
New Poster
Joined: Oct 2015
Posts: 6
If the bank has a floor rate, does that need to be disclosed on the HELOC disclosure. We do state the maximum rate which is 18%. We would like to offer different floors based on credit score. For example, if the credit score is greater than 750 the borrower would qualify for a 4.75%. All others would have a 5% floor.

Return to Top
Lending Compliance
#2255227 - 06/14/21 12:56 PM Re: HELOC Disclosure and Floor Rate Jenny
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 76,928
Galveston, TX
1026.40(d)(12)(viii) Any rules relating to changes in the index value and the annual percentage rate and resulting changes in the payment amount, including, for example, an explanation of payment limitations and rate carryover.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z