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#120871 - 10/07/03 08:15 PM Equity Line - Day before closing
LoisLane Offline
Diamond Poster
LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
The Equity Line rules require that at least one business day before closing, the borrower must be provided with a final itemized disclosure of the actual fees, points, interest, costs, and charges that will be charged at closing.

Does anyone know answers to the following related questions?
1. Does the customer need to come in a day before closing to pick up the disclosure or can this be mailed so that it's received at least a day before closing?
2. Is the customer's signature needed (recommended) on a form to acknowledge that this was received?
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#120872 - 10/08/03 02:41 AM Re: Equity Line - Day before closing
Anonymous
Unregistered

This is zaibatsu. There are no answers to those questions, but the Finance Commission will have interpretations in place in early January at the earliest. Until then, you can probably get a copy of what they are proposing some time next week. Following those interpretations will be the closest you will get to an answer until January.

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#120873 - 10/08/03 01:27 PM Re: Equity Line - Day before closing
LoisLane Offline
Diamond Poster
LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
Thanks for the prompt answer. I'll be anxiously awaiting the Commission's proposed answers.
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#120874 - 10/08/03 01:45 PM Re: Equity Line - Day before closing
Lestie G Offline

Power Poster
Joined: May 2002
Posts: 3,608
Near the Land of Enchantment
Doesn't this also apply to regular home equities, in addition to the LOC's?
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#120875 - 10/08/03 05:14 PM Re: Equity Line - Day before closing
zaibatsu Offline
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Joined: Jun 2001
Posts: 6,153
Yes.
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