HELOC exempt or not?

I am wondering about how the regulation reads in regards to reporting HELOCs or not. It uses the word "either". I first assumed that if we did not have over 200 originated HELOCs for 2 consecutive years we were exempt, however I am now second guessing this.

(12) An open-end line of credit, if the financial institution originated fewer than 200 open-end lines of credit in either of the two preceding calendar years


We originated the following:
2019: 117
2020: 205
2021: do we report or still exempt??

Thanks.

Your 2019 count means you are exempt for 2021. The word "either" means just what it says -- For 2021, if you originated fewer than 200 dwelling-secured open-end lines of credit in 2019 or in 2020, you are exempt.

For the rule to mean otherwise, it would have to say, "unless you originated 200 or more dwelling-secured open-end lines of credit in either of the preceding calendar years, you are exempt," or something similar.

Thanks John, that makes sense.

The calculation would include commercial or business purposes LOCs secured by a dwelling?

Yes, the count would include commercial and business lines of credit.