Prepaid Finance Charges on a HELOC

Posted By: Many Hats

Prepaid Finance Charges on a HELOC - 02/13/12 09:01 PM

Is an annual fee on a HELOC considered a prepaid FC?
Posted By: Richard Insley

Re: Prepaid Finance Charges on a HELOC - 02/13/12 09:45 PM

"Prepaid FC" is a concept that exists only in the rules for closed end credit.
Posted By: OnTheEdge

Re: Prepaid Finance Charges on a HELOC - 02/14/12 03:14 PM

Perhaps it relates to disclosing finances charges that were paid using the first advance. Those items have to be disclosed on the 1st periodic payment and identified as finance charges.