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#588405 - 07/25/06 09:23 PM line of credit loan
gunches Offline
100 Club
Joined: Dec 2005
Posts: 210
We have a customer who would like a line of credit to use for consumer purpose, secured by a 2nd residence. Loan will have a variable rate. What forms would we need to use for this??

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Lending Compliance
#588406 - 07/25/06 09:44 PM Re: line of credit loan
Cowboys Fan Offline
Power Poster
Joined: Dec 2002
Posts: 4,616
SC
Will it be open-ended or closed-end?
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#588407 - 07/26/06 01:22 PM Re: line of credit loan
gunches Offline
100 Club
Joined: Dec 2005
Posts: 210
It will be an open end line

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#588408 - 07/26/06 01:58 PM Re: line of credit loan
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
This will be a HELOC and will need to follow all the disclosure requirements of 226.5b.
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The opinions expressed are mine and they are not to be taken as legal advice.

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