Will there be new requirements in the new flood rules?
What is the difference between an enforcement action and a consent decree?
What scanners should we purchase for our loan imaging software?
Can a bank rely on a life of loan flood certificate that's older than 7-years when it is refinancing a loan?
We have a customer requesting a HELOC instead of a short term construction loan in an attempt to avoid the draws. After construction is complete, a closed end mortgage would be provided. Since there is no equity in the home at this point, because it is not built, are we able to offer a HELOC for their home construction? Also, since they plan to pay off the HELOC at the end of construction, does the requirement for "repeated transactions" apply?