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#952154 - 04/30/08 03:31 PM ROR - Refinanced HELOC
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
We are refinancing a matured HELOC. The credit line will be the same as the original. Is ROR necessary? If this were closed-end transaction ROR would not be necessary. Can we apply the same "logic"?
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Lending Compliance
#952167 - 04/30/08 03:43 PM Re: ROR - Refinanced HELOC OnTheEdge
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,765
Bloomington, IN
No. There is no such exemption in 226.15 as there is in 226.23. The ROR will apply.
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#952172 - 04/30/08 03:46 PM Re: ROR - Refinanced HELOC Dan Persfull
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
Dan, thanks for your quick reply.
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