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#2303696 - 12/02/24 02:46 PM TX HELOC - day before disclosure
CalifDreamin Offline
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CalifDreamin
Joined: Mar 2002
Posts: 2,298
Far from Calif
Are your banks providing the HUD-1 the day before closing on a HELOC to comply with the requirement to give the borrower a final itemized disclosure of fees, etc. 1 day prior to closing? If not that, then what are you providing to comply?
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#2303697 - 12/02/24 02:54 PM Re: TX HELOC - day before disclosure CalifDreamin
The OG Zaibatsu Offline
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The OG Zaibatsu
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Texas
As long as the owner of the homestead receives a final itemized disclosure of the actual fees, points, interest, costs, and charges that will be charged at closing at least one business day prior to closing, Texas law does not specify the format. For HELOCS, a “lender may satisfy this requirement by delivering properly completed account-opening disclosures under Regulation Z, 12 C.F.R. §1026.6(a)." Disclosure in this manner isn’t required, but I think it is what most lenders use.

This method is mentioned in the rules as one convenient method of disclosure a lender might use. See Rule 153.13(3)(B):

https://texreg.sos.state.tx.us/public/readtac$ext.TacPage?sl=R&app=9&p_dir=&p_rloc=&p_tloc=&p_ploc=&pg=1&p_tac=&ti=7&pt=8&ch=153&rl=13
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#2303704 - 12/02/24 04:31 PM Re: TX HELOC - day before disclosure The OG Zaibatsu
CalifDreamin Offline
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CalifDreamin
Joined: Mar 2002
Posts: 2,298
Far from Calif
Thank you! I had forgotten about that provision!
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#2303705 - 12/02/24 04:34 PM Re: TX HELOC - day before disclosure CalifDreamin
The OG Zaibatsu Offline
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The OG Zaibatsu
Joined: Dec 2007
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Texas
My pleasure.
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