Skip to content

Do We HUD-1 This HELOC?

Answered by: 

Question: 
HELOCs subject to Section 226.5 of Regulation Z do not require a GFE or HUD-1. However, if our customer is using a closed end first mortgage and a simultaneously issued HELOC to purchase a home, do we need a separate HUD-1 for the HELOC?
Answer: 

No. Whatever the loan's purpose, open-end lines of credit subject to the Reg. Z disclosures are exempt from the GFE and HUD Settlement Statement.

First published on BankersOnline.com 11/15/04

First published on 11/15/2004

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