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#939165 - 04/09/08 10:30 PM HELOC modification
Walleye Woman Offline
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Walleye Woman
Joined: Jul 2002
Posts: 832
We have some customers who want to extend their draw periods on their HELOCs. Is rescission required when you modify a HELOC to extend the draw period? I've done a search but can't seem to find what I need. 226.15 refers to opening the plan, adding a security interest or increasing the amount of available credit. We are not doing any of these things - or am I missing something?

I mistakenly posted this in the Texas forum.
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Marilyn, CRCM

I'd rather be fishing.


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Lending Compliance
#939179 - 04/09/08 10:48 PM Re: HELOC modification Walleye Woman
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,363
Galveston, TX
A modification would not trigger RofR unless increasing the credit line.
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#939184 - 04/09/08 11:00 PM Re: HELOC modification rlcarey
Walleye Woman Offline
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Walleye Woman
Joined: Jul 2002
Posts: 832
Thank you, Randy, that is the answer I hoped to hear.
_________________________
Marilyn, CRCM

I'd rather be fishing.


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