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#3751 - 08/14/01 02:54 PM Home Equity 12 Day Wait
Anonymous
Unregistered

Can anyone tell me if the 12 day "cooling off" period for a home equity loan includes weekends?

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#3752 - 08/14/01 03:56 PM Re: Home Equity 12 Day Wait
Jeffery A. Schmid Offline
Member
Joined: Nov 2000
Posts: 60
Hales Corners, WI 53149
What is the 12 days "cooling-off" period?

I only know of the 3 Business days under Regulation Z. under this provision, only Saturdays count, not Sundays.

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#3753 - 08/15/01 04:01 AM Re: Home Equity 12 Day Wait
Anonymous
Unregistered

I am assuming that your question regarding the 12 day cooling off period is in regards to the Texas Equity State Regulations. The answer to your question is yes....you must provide the notice at least 12 Calendar days prior to closing.

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#3754 - 08/14/01 06:01 PM Re: Home Equity 12 Day Wait
CFreasier Offline
Junior Member
Joined: Mar 2001
Posts: 25
Corpus Christi, TX, USA
Raymond,

Yes....I am in Texas. I have just recently started working with Home Equity Loans so I was not sure if the 12 days was working days or calendar days. Thanks for your help.


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#3755 - 08/15/01 01:39 AM Re: Home Equity 12 Day Wait
Andy_Z Online
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Andy_Z
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Posts: 27,458
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I'll ditto Raymond, it is calendar days.
You'll find some good info on the TBA Website on this and other compliance topics.

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Andy Zavoina
Opinions stated are not necessarily that of my employer.

[This message has been edited by Andy Z (edited 08-14-2001).]

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My opinions are not necessarily my employers.
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