My borrower paid cash for his vacation home and now he wants to obtain a loan to pay himself back. We will be using the vacation home for collateral. What disclosures am I required to give him?
What is the retention period for paid off home equity loans? What is the retention period for cancelled home equity loans? What is the retention period for denied home equity loans?
Are there any disclosures required when extending a closed ended home equity loan? No other terms are changing besides the maturity date.
Is there a cooling off period after closing for a Home Equity loan?
In this week's "Weekly Banker Brief," the following QandA appeared: <a href="http://www.bankersonline.com/lending/guru2011/gurus_ldng100311c.html">Cash Out Refi of Investment Property-HMDA?</a> <em>Question: A borrower is getting a cash out refi of investment property. The money is to reimburse their reserves after they bought a house with cash. Is this a HMDA loan? 1 Answer: No. This loan doesn't purchase or improve the dwelling. It also isn't a refinancing. It is a home equity loan that is not subject to HMDA. 2 Answer: I agree, not HMDA but I would contend this loan is subject to TIL and RESPA based on the information provided. It is not for the acquisition, improvement or maintenance of a non-owner occupied rental property and the purpose as stated appears to be for a personal, family or household purpose which would make it a consumer purpose loan.</em> I think that I need a little clarification. I thought that only HELOC loans that are refinancing are not subject to HMDA reporting. If this is a closed-end home equity refinance, wouldn't it be HMDA reportable?
Can an agreement for waiver of escrows be signed so that a customer can waive the required escrows on a 1st lien Home Equity?
A borrower is getting a cash out refi of investment property. The money is to reimburse their reserves after they bought a house with cash. Is this a HMDA loan?
Is there a cooling off period after closing for a Home Equity loan? I can find info on Home Improvement loans, but not equity.
Is a bank permitted under Reg O to grant a home equity line of credit in excess of $100K to an Executive Officer? Keep in mind that our HELOCs are drawn upon by checks which eliminates the Bank's ability to approve the exact purpose of draws at loan closing.
We have a customer who would like to refinance his homestead which is a first lien purchase money. The customer has a second lien home equity against it. Can I refinance the first lien as a conventional mortgage and refinance the home equity and cash out the additional equity in a second lien? Do I combine and fund one loan as home equity? I have always heard "once a home equity, always a home equity". Please clarify for me.