Home Equity Line of Credit

News & Analysis as of

Mississippi Regulatory Compliance Group Quarterly Report Vol. 25 No.3

In This Report: - Good News on Fair Lending - We Knew It Was Coming; CFPB Proposes HMDA “Plus” Rules - CFPB Guidance on Mortgage Brokers Changing to Mini-Correspondent Lenders - When Laws...more

Federal, State Prudential Regulators Issue HELOC Guidance

On July 1, the OCC, the Federal Reserve Board, the FDIC, the NCUA, and the Conference of State Bank Supervisors issued interagency guidance on home equity lines of credit (HELOCs) nearing their end-of-draw periods....more

Texas Supreme Court Allows Capitalization Of Interest, Fees, Escrow Items For Home Equity Loan Modifications

On May 16, The Texas Supreme Court held that the state constitution does not prohibit the restructuring of a home equity loan as long as the original loan met constitutional requirements and terms of the original extension of...more

Texas Supreme Court Opinions and Orders (5/14)

No. 12-0983, McAllen Hospitals, LP v. State Farm County Mutual Insurance Company of Texas - The Court addressed some of the mechanics of Hospital Lien Statute (Texas Civil Practice and Remedies Code chapter 55). State Farm...more

Texas Supreme Court Clarifies HELOC Fee Cap Decision

On January 31, the Texas Supreme Court released a January 24 supplemental opinion clarifying a June 2013 opinion in which it invalidated state regulations that (i) defined “interest” with regard to home equity loans to...more

CFPB Updates Mandatory Mortgage Publications

On January 10, 2014, the CFPB published a notice in the Federal Register that three mortgage publications lenders are required to provide to borrowers have been revised to reflect certain mortgage rules that went into effect...more

Court Says Refinancing Lender Can’t Get No Satisfaction When Paying Down Existing Lender’s HELOC

Loan servicers often receive payments on open-end home equity lines of credit (“HELOC”) that pay the balance down to $0. Sometimes that is because the borrower intends to pay off the loan through a refinancing or sale of the...more

Court Issues Opinion On Home Equity Lending And Agency Determinations

In The Finance Commission of Texas v. Norwood, the Texas Supreme Court determined that an agency's interpretation of legislation was not outside the review of the courts. No. 10-0121, 2013 Tex. LEXIS 491 (Tex. June 21, 2013)....more

Texas Supreme Court: Discount Points are Subject to Fee Cap for Home Equity Loans and Lines of Credit

In a decision that likely will have a dampening effect on the home equity lending market in Texas, the Texas Supreme Court ruled on June 21, 2013, that lenders are prohibited from treating discount points and lender fees as...more

Federal Court Approves Lender Settlement Of TILA, UDAP Claims Based On HELOC Reductions

On March 15, the U.S. District Court for the Northern District of California approved a lender’s settlement with a class of borrowers who claimed that the bank suspended or reduced borrower home equity lines of credit...more

Should You Pay Off Credit Cards with the Equity in Your Home?

How soon we forget. Just yesterday I was flipping through a magazine and I saw an ad by a credit union that was offering to help you pay off your credit card debt with a Home Equity Line of Credit (HELOC). Here in Arizona...more

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