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#2275593 - 09/15/22 02:09 PM HELOC Loan Term
jel99 Offline
Junior Member
Joined: Sep 2021
Posts: 48
I recently had a couple HELOC's come across my desk where I am second guessing which loan term to report.

Below are similar dates from my scenario:
Origination Date: 8/10/2022
Maturity Date: 8/09/2022
Draw Period: 120 Months

Comment 4(a)(25)-4 states
Quote
For an open-end line of credit with a definite term, a financial institution reports the number of months from origination until the account termination date, including both the draw and repayment period.

Since the time from origination to maturity is technically not a full 120 months, but the draw period is stated as 120. Should term be reported as 120 months to include the draw period or 119 to show origination to maturity?

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#2275603 - 09/15/22 03:21 PM Re: HELOC Loan Term jel99
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,533
Bloomington, IN
I am going to assume the maturity date is supposed to be 8/9/2032.

8/22 to 8/32 is 120 months. The term in based on whole months, not partial months.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2275623 - 09/15/22 06:22 PM Re: HELOC Loan Term Dan Persfull
jel99 Offline
Junior Member
Joined: Sep 2021
Posts: 48
Yes 2032 is correct, sorry about that.

Now seeing that, if we had one that was under the terms below:
Origination: 8/10/2022
Maturity: 9/10/2032
Draw Period: 120 months

The term, reported in whole months, should be 121, correct?

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