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Disclosures for Consumer Loan - House Collateral

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Question: 
A customer comes in to the bank and wants to borrow $27,000 to wipe out his credit card debt and wants to use his home for collateral. There will be a separate note done with a 6 yr. amort. The existing real estate loan will not be refinanced. The note will be a consumer note with a consumer application. What in the world do I need for disclosures? Everything that I would do for a regular real estate loan? New experience for us. We would normally refinance his home loan.
Answer: 

You are doing a home equity cash out consumer loan. All the applicable consumer real estate disclosures will apply, RESPA, ETIL, Flood, MDIA, HPML, Reg. B, etc.

First published on BankersOnline.com 3/21/11

First published on 03/21/2011

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