08/06/2012
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.
08/06/2012
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?
07/02/2012
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.
06/25/2012
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?
06/04/2012
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?
06/04/2012
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?
04/16/2012
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?
02/20/2012
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?
01/30/2012
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)?
12/05/2011
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?