The customer needs to increase the loan amount on their home equity line of credit. Is this a change in terms and what disclosures do we need to give the customer?
Is it permissible to charge a percentage-based fee for use of home equity convenience checks? I'm not seeing anything about this in Reg Z.
On home equity lines of credit, how far in advance of payments must the billing statements be sent? If a bank chooses to make a change in the number of days must the customer be notified, and if so, how far in advance?
We have a member at our credit union that wishes to increase their home equity line of credit in order to purchase a rental property. The line of credit is on their primary residence, and would remain so. Would this be considered a commercial loan (and therefore require an originator with commercial lending authority), where the purpose would be to provide rental income? Or would it not, considering the actual collateral of the loan is the member's primary residence.
Are HELOCs exempt from the RESPA requirement of providing a good faith estimate of closing costs if the credit union has complied with the home equity disclosure requirements of Reg Z?
Home equity loan, primary residence is collateral, improvements to rental property is purpose. When reporting for HMDA is it owner occupied or non-owner occupied?
When a matured Home Equity Line of Credit is extended for a short time, but the mortgage is modified removing existing mortgage arbitration language, and additional collateral is added, is the transaction subject to a right of rescission?
A borrower is asking to increase his Home Equity loan amount to cover a shortage on a payoff. The APR will not change as we have no prepaid, and no closing costs. Must I redisclose and cool off?
Our bank has an existing balloon loan that will mature December 31, 2011. If at maturity, the bank renews this loan to continue the original amortization schedule, will this loan be subject to HPML limits? I've seen an earlier response indicating renewals are not subject to HPML's however, in speaking w/ a Fed Examiner he indicated that it was subject to HPML. Can you point us in the right direction in the reg showing us that renewals are not subject to HPML?
Due to the new regs in regards to "cooling off periods"- Does this apply to home equity loans as well? I guess my question is can a borrower apply for a HELOC, wait the 3 day rescission, and then receive the funds? (like regular mortgages where there is the 7 day rule)?