Reply To: Payment Calculation For Simultaneous Loans – HELOCs


Jack did discuss this in one of our earlier session this year. There isn’t clear guidance on what to do in this situation. Without having an amount drawn at or before consummation, it seems you have to assume the full amount may be drawn and base your calculation on that. If you do base the payment on the amount drawn at or before consummation you need to consider if you are comfortable with that calculation – how would this affect your underwriting if the borrower accessed the full line?