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Latest Lending - HELOC Topics

Rate Change Notice if Prime Increases? HELOC/ARM

05/12/2019

Our HELOCs are tied to prime. We disclose that. If prime increases do we need to send rate change notices?

First Reserve/LOC & HELOC’s as estatement?

03/03/2019

Is there any reason why we are not allowed to have First Reserve/LOC statements and HELOC’s to be estatement?

Info on Notice of Right to Cancel for New HELOC

03/03/2019

The previous Commentary to Reg Z at 1026.5b contained the following statement regarding a matured HELOC: "...A new plan results; however, if the plan is renewed (with or without changes to the terms) after the scheduled expiration. The new plan is subject to all open-end credit rules, including sections 226.5b, 226.6 and 226.15." I have not found any comparable interpretations by the CFPB since the CFPB took over responsibility for Regulation Z. I'm looking for any information that will support the need, or lack thereof, to require a Notice of Right to Cancel when a new HELOC note is executed after the existing HELOC has matured.

Disclosures for HELOC-Upon Maturity Renewal

01/06/2019

HELOC's primary residence upon maturity and the applicant wants to renew the loan for another term. No new funds same type. What disclosures are required?

HELOC Increase-Rewrite As A New Loan?

12/23/2018

If a customer has an existing Home Equity Line of Credit and then approaches to increase the HELOC by an additional amount of money, can a Change in Terms Credit Agreement and Disclosure be used for that or do we have to rewrite the loan as a new loan request? Obviously, if we are able to use the Change in Terms agreement, a Modification of Mortgage would need to be prepared and filed of record. What about Rescission on the new money? Do we have to give them an actual Notice of Right to Cancel form or can we just wait 3 business days from the date of the Change in Terms before we fund the new money?

Increasing HELOC-Send New Preliminary Docs?

12/23/2018

Do you have to send out new preliminary documents when increasing a Home Equity Line of Credit loan?

Is the NMLS# Required on HELOC Notes?

10/28/2018

Is the NMLS# required on HELOC notes?

Providing Periodic Statements After HELOC Matures

09/23/2018

I have been researching an issue for my bank in regards to providing periodic statements after a HELOC matures. Are FIs required to provide periodic statements post maturity on HELOCs? The Promissory Notes clearly states that the entire loan balance (principal and interest) is due and payable at maturity. I don't see it necessary to continue to send monthly periodic statements and this has also added confusion to the client. I do not see that this is addressed within Reg Z. Am I looking in the wrong place?

HELOC Early Disclosure- Acknowledgment of Receipt

09/16/2018

For HELOC early disclosures (ex. appraisal notice, consumer credit score disclosure, acknowledgment of receipt of counselor list, home equity application disclosure,) is the borrower required to sign these forms to acknowledge receipt, or can we have copies and a letter listing them out as proof in the file that they were delivered?

Government Monitoring Info on 2nd Home HELOCs

09/09/2018

Do bankers collect government monitoring information on 2nd home HELOCs?

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Home Equity Loan-Close at Home if Bedridden?

06/16/2019

On a home equity loans made in Texas, the law requires that they must close at an attorney's office, Title Co or the bank. If customer is bedridden can it close at their home?

Lender Chooses to not Read HMDA Telephone Script

06/16/2019

What happens if a lender chooses not to read the HMDA Telephone Script when required to an applicant?

RCBAP Master Policy Acceptable Form of Insurance?

06/16/2019

Is an RCBAP master policy an acceptable form of insurance for a property that is legally a planned unit development (P.U.D.) and not a condo? FEMA guidelines seem to indicate RCBAP's can only be written on condos but we are seeing insurance agents issue these on P.U.D. properties with the insured name being the HOA.

2 Separate Security Agreements-1 for Each State?

06/16/2019

If we have a customer that has their business registered with the Delaware SOS however they live in ND, do we need to produce two separate security agreements, one for each state? I noticed this changes in the governing law section of LaserPro documents.

Tolerance/Cure Amount for LE/Closing Disclosure

06/16/2019

I'm new to TRID and trying to understand tolerance and cure amounts for things such as the following: Loan Estimate : - Recording Fees $32.00 - Settlement Agent Fee $500 and - Title Search $300.00 Closing Disclosure: Title Search $500.00 What would be the tolerance cure?

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