Skip to content
BOL Conferences
Thread Options
#2189088 - 08/14/18 07:16 PM Guarantor on a HELOC?
JC (Darth HMDA) Offline
Diamond Poster
JC (Darth HMDA)
Joined: Dec 2013
Posts: 1,399
CA
Good Afternoon,

We have an application where someone would like to be a guarantor on a HELOC. I have not encountered this before. I assume they would be treated as a co-borrower and subject to all the same requirements and disclosures. Is this accurate? I cant find anything in 1026.40 on guarantors/guarantees.

Any help would be much appreciated. Thank you!
_________________________
The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

Return to Top
Lending Compliance
#2189095 - 08/14/18 07:35 PM Re: Guarantor on a HELOC? JC (Darth HMDA)
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
You might be looking in the wrong area:

2(a)(11) Consumer

1. Scope. Guarantors, endorsers, and sureties are not generally consumers for purposes of the regulation, but they may be entitled to rescind under certain circumstances and they may have certain rights if they are obligated on credit card plans.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2189097 - 08/14/18 07:39 PM Re: Guarantor on a HELOC? JC (Darth HMDA)
JC (Darth HMDA) Offline
Diamond Poster
JC (Darth HMDA)
Joined: Dec 2013
Posts: 1,399
CA
AH!!! Thank you Randy!!!
_________________________
The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

Return to Top
#2189098 - 08/14/18 07:39 PM Re: Guarantor on a HELOC? JC (Darth HMDA)
JC (Darth HMDA) Offline
Diamond Poster
JC (Darth HMDA)
Joined: Dec 2013
Posts: 1,399
CA
You're my hero!

I still owe you that beer!
_________________________
The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

Return to Top
#2189101 - 08/14/18 07:46 PM Re: Guarantor on a HELOC? JC (Darth HMDA)
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
whistle patiently waiting smile
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z