24 days=HELOC and loans?help!!

Posted By: Trees

24 days=HELOC and loans?help!! - 09/15/09 03:51 PM

Please settle a couple issues for us. We know what we had to do for HELOCs and extending the billing period. Done.

HOw does this impact the loans once they convert to a P&I Payment? Are you still adding on the extra # days?

Does this impact HE loans (no drawdowns available)?

Thanks
Posted By: Dan Persfull

Re: 24 days=HELOC and loans?help!! - 09/15/09 05:20 PM

I am assuming you are referring to when the loan goes from the draw period to the repayment period. The repayment period is still governed by the open-end credit rules therefore the 21 day rule for the statement still applies.

Closed-end HE loans are not governed by the open-end credit rules.