Posted By: Anonymous
HELOC Renewal/Extensions - 05/07/02 07:17 PM
I need a refresher for what the bank needs to do when it renews/extends an existing an open end home equity line of credit. Facts - no new money, no new note (will do modifcation) and customer may be charged (still deciding on this) for new title search and credit report.
I would think we would need a new flood letter (if outside of 7 years, etc). Also, we intend on getting updated title and credit report.
Although we probably should get a new application - do we have to?
I don't think that rescission is required??
What else have I missed?
I would think we would need a new flood letter (if outside of 7 years, etc). Also, we intend on getting updated title and credit report.
Although we probably should get a new application - do we have to?
I don't think that rescission is required??
What else have I missed?