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#814259 - 09/12/07 11:55 PM HELOC future use
wavewatcher Offline
Diamond Poster
wavewatcher
Joined: May 2003
Posts: 2,053
Hawaii
Our Loan originators use "future use" as their loan purpose. I think that phrase is too vague. Do others allow this phrase to be used to describe the loan purpose?

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Lending Compliance
#814474 - 09/13/07 02:54 PM Re: HELOC future use wavewatcher
pjs Offline
10K Club
pjs
Joined: Aug 2004
Posts: 10,314
oHiO
I'd like to know as well. Some of our loan officers check the Other box on the HE and do not list anything else.

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#815027 - 09/14/07 03:05 AM Re: HELOC future use pjs
wavewatcher Offline
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wavewatcher
Joined: May 2003
Posts: 2,053
Hawaii
Any ideas out there? I think "future use" is too vague. I would like a more specific loan purpose as required (I think) by ECOA.

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#817055 - 09/18/07 02:55 PM Re: HELOC future use wavewatcher
LoisLane Offline
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LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
I don't see a problem. Use future consumer use if you think that might be better. The customer can't give you a purpose when this isn't known at the time the loan closes (this is the nature of a some lines of credit).
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