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HELOC Renewals/Extensions/Modifications

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  • December 19, 2017 at 6:13 pm EST #12161
    Jstanford
    Participant

    We offer 5 year HELOCs, what’s best practice before maturity to extend the loan for 5 additional years? Renewal or Loan Modification? If the note is renewed/modified, are any disclosures required other than the mod agreement/renewal agreement? such as the early HELOC disclosure?

    Thank You
    Jstanford

    December 26, 2017 at 9:52 am EST #12174
    rcooper
    Member

    Banks use these terms differently. What you do need to know is if one of these actions is a refinance, as defined under Reg Z 1026.20, then you will need to provide new disclosures.

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