Skip to content

12 Day Waiting Period Before Closing Home Equity

Answered by: 

Question: 
Is the 12 day waiting period before closing a Texas (50(a)(6)) home equity loan based on calendar days (including Sundays and holidays), or are the "calendar days" supposed to exclude Sundays and holidays? The rule wording just states 12 days so I am not certain.
Answer: 

Texas Administrative Code

TITLE 7 BANKING AND SECURITIES
PART 8 JOINT FINANCIAL REGULATORY AGENCIES
CHAPTER 153 HOME EQUITY LENDING
RULE §153.12 Closing Date: Section 50(a)(6)(M)(i)

An equity loan may not be closed before the 12th calendar day after the later of the date that the owner submits an application for the loan to the lender or the date that the lender provides the owner a copy of the required consumer disclosure. One copy of the required consumer disclosure may be provided to married owners. For purposes of determining the earliest permitted closing date, the next succeeding calendar day after the later of the date that the owner submits an application for the loan to the lender or the date that the lender provides the owner a copy of the required consumer disclosure is the first day of the 12-day waiting period. The equity loan may be closed at any time on or after the 12th calendar day after the later of the date that the owner submits an application for the loan to the lender or the date that the lender provides the owner a copy of the required consumer disclosure.

(1) Submission of a loan application to an agent acting on behalf of the lender is submission to the lender.
(2) A loan application may be given orally or electronically.

First published on 03/18/2018

Filed under: 
Filed under lending as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics