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Homeownership Counseling Notice Requirement

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Question: 
Is the homeownership counseling notice required for all HELOCs? I have seen the regulation, but I am also being told there was a loophole in the regulation that says this is not a requirement.
Answer: 

There is no loophole in Regulation X section 1024.20(b) exempting HELOCs.

First published on 06/14/2015

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