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#30097 - 08/29/02 06:01 PM HELOC disclosure
Anonymous
Unregistered

If you give the customer the early HELOC disclosure with the application, are you also required to give a preliminary truth in lending disclosure within 3 business days of receipt of the application? I know we don't give good faith's - I know this is probably a simple question but I'm farely new to lending. Thanks.

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Lending Compliance
#30098 - 08/29/02 06:57 PM Re: HELOC disclosure
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,416
Bloomington, IN
No.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#30099 - 08/29/02 07:01 PM Re: HELOC disclosure
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,416
Bloomington, IN
Sorry- refer to 226.5b
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#30100 - 08/29/02 07:10 PM Re: HELOC disclosure
Lucy Griffin Offline

Diamond Poster
Lucy Griffin
Joined: Nov 2000
Posts: 1,544
The early HELOC disclosures are the TIL disclosures for lines of credit. A closed-end loan based on home equity would be a different matter -- subject to the closed-end timing rule.

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