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#801351 - 08/23/07 06:00 PM Are HELOCs Subject to RESPA?
target2014 Offline
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Joined: Jun 2007
Posts: 2
Are open end HELOCs secured by owner-occupied primary residences subject to RESPA? In particular, Section 8 of RESPA? These are not purchase money HELOCs.

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#801993 - 08/24/07 01:47 PM Re: Are HELOCs Subject to RESPA? target2014
LoisLane Offline
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LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
Since you haven't received an answer, I'll opine.

Open-end HELOCs are not subject to RESPA's disclosure requirements (GFE, HUD1a, Servicing disclosure, etc), but ARE subject to Section 8 rules.
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#802032 - 08/24/07 02:10 PM Re: Are HELOCs Subject to RESPA? LoisLane
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,366
Bloomington, IN
HELOCs are subject to all the provisions of RESPA, they are however, as LoisLane points out, exempt from some of the disclousre requirements. They are not however exempt from the AfBA disclosure.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#802099 - 08/24/07 02:33 PM Re: Are HELOCs Subject to RESPA? Dan Persfull
target2014 Offline
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Joined: Jun 2007
Posts: 2
Thank you for confirming re: Sec 8.

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