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?
Ever since CIP we started keeping copies of IDs in our files. Is this OK?
On ARM loans, is the first interest rate change calculated from the loan date or in the case of recission, the disbursement date?
What is loan tickler software used for?
Are we required to use the new uniform residential mortgage loan application?