Home equity lending can help your members achieve their financial goals. It can help maintain stability, loosen budgetary restrictions, or perform home improvements. The open line of credit gives members ultimate flexibility. Money can be repaid and withdrawn against the established line of equity.
Oak Tree's Open-End Home Equity Lending Forms Package is the perfect vehicle for offering this service to your members. The Open-End Home Equity Lending Forms Package includes the following:
Home Equity Application
This Home Equity Application can be used for both HELOC and closed-end applications instead of the standard Fannie Mae application if your credit union does not intend to have these types of loans comply with secondary market standards. The Oak Tree open-end forms package can also support credit card access.
The first form is the Early Disclosure. This disclosure will exactly reflect your Home Equity Program and will meet current disclosure requirements.
What You Should Know About Home Equity Lines of Credit
This booklet “What you should know about Home Equity Lines of Credit” is provided to consumers who have applied for an open-end credit plan secured by their dwelling.
Right to Receive A Copy of Appraisals
This form is provided to all applicants requesting credit on a first-lien dwelling.
Letter to the First Leanholder
This optional-use form is used to help you determine the nature of your borrower's first mortgage.
Flood Hazard Determination Form
This form is used to determine whether property is located in a special flood hazard area.
Flood Hazard Insurance Notice
This notice is used for those loans where the security property is located in a flood zone.
Credit Agreement/Federal Disclosure
This is a custom-written document containing the terms of credit, closing statement, and final disclosure requirements. Terms included in this document will reflect the exact nature of your Home Equity Program and will be taken from information you provide us.
The Rescission Notice
This form is structured to allow for the three types of rescission possible with an Open-End Home Equity Program.
We have in-stock Mortgages/Deeds of Trust for all 50 states.
• Texas Open-End Lending
We include the additional forms required in Texas:
- The Acknowledgment As To Fair Market Value
- The Notice Concerning Extensions of Credit
- Fraud Notice
Our Risk Based Lending Package includes: Risk Based Lending Origination Form, Risk Based Lending Servicing Form, Risk Based Lending Exception Form Forms. According to the regulation Credit Unions must either provide Risk Based Lending documents general notice, as applicable, or they must provide the appropriate exception notice to all applicants.
CLICK HERE for Closed-End Home Equity Package