HELOC How-To In-Depth
StreamedDec 6, 2023Duration90 minutes
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Want to change a HELOC? Not so fast!
Reg Z limits term changes. Be sure you fully understand the compliance requirements for notifying borrowers, timing, calculating a decline in home value, and prohibiting draws. Get your arms around this regulation-heavy process and gain expert insight by attending this beneficial webinar.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Develop a program-specific HELOC disclosure
- Prepare a change-in-terms notice
- Identify regulatory requirements on a periodic statement
- Properly calculate timing for right of rescission
- Distinguish the HELOC compliance disclosures
- Calculate a significant decline in home value
- Determine when additional extensions can be prohibited
- Explain how the Flood Disaster Protection Act applies to HELOCs
Home equity lines of credit (HELOCs) have very unique and specific compliance requirements. While some disclosures are the same as traditional mortgage loans, other requirements are specific to HELOCs. This in-depth review of HELOC requirements will start with the program-specific disclosure, the periodic statement, and lines nearing the end-of-draw period. You’ll learn how to handle adverse situations by properly calculating a significant decline in home value, identifying when additional draws can be prohibited, determining when a credit limit can be reduced, and understanding the applicable notice requirements.
While many consumer regulations allow for product terms to be changed, Regulation Z limits HELOC term changes. Therefore, it is essential to be knowledgeable about what can be changed and how to properly communicate a change to the borrower. This program will also share examples of errors, recommend HELOC areas to monitor, and provide detailed management expectations of the product requirements from application through end-of-draw period.
WHO SHOULD ATTEND?
This informative session is directed to anyone originating or servicing HELOCs, including consumer lenders, loan servicing staff, credit officers, compliance officers, and auditors.
- Regulatory reference list
- Periodic disclosure checklist
- Compliance disclosure checklist
- Freeze notice sample
- Reducing an available line worksheet
- Resolution of circumstance worksheet
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.
"This webinar clarified several points about the HELOC product, where to find each topic with the regulations and excellent materials to refer back to! Thank you Molly!"
- Jennifer, Hoosier Heartland State Bank
Brode Consulting Services, Inc.
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