Skip to content
BOL Conferences
Thread Options
#801351 - 08/23/07 06:00 PM Are HELOCs Subject to RESPA?
target2014 Offline
New Poster
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.

Return to Top
Lending Compliance
#801993 - 08/24/07 01:47 PM Re: Are HELOCs Subject to RESPA? target2014
LoisLane Offline
Diamond Poster
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.
_________________________
And where is Superman when I need him?

Return to Top
#802032 - 08/24/07 02:10 PM Re: Are HELOCs Subject to RESPA? LoisLane
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
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.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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

Return to Top

Moderator:  Andy_Z