Posted By: In Need of Help 101
Closed-end LOC -- HMDA? - 12/22/09 04:23 PM
This subject of LOC and HMDA always confuses me. We do not report HELOCs at our bank. Is it true that if you do not report HELOCs you do not report any LOC?
If not what about this loan scenario? Consumer borrows money to rehab his home from fire damage. We are doing a closed-end LOC for one year. At the end of the one year we will term out the balance of the LOC.
HELP!!!
If not what about this loan scenario? Consumer borrows money to rehab his home from fire damage. We are doing a closed-end LOC for one year. At the end of the one year we will term out the balance of the LOC.
HELP!!!