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#2257766 - 08/05/21 09:37 PM Alternative Mortgage Transaction
Everest Offline
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Joined: Jan 2012
Posts: 303
I hate to even ask as this should be basic knowledge, but what is an alternative mortgage transaction? We have HELOCs that have variable rates and closed-end mortgages that are ARMs. Are either of these considered an alternative mortgage transaction?

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Lending Compliance
#2257774 - 08/06/21 01:22 PM Re: Alternative Mortgage Transaction Everest
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,396
Galveston, TX
https://www.law.cornell.edu/uscode/text/12/3802

Closed-end ARM loans are definitely covered. I am not totally sure about HELOCs and that would need a little more research.
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