Understanding HELOC Requirements

A deep dive discussion on home equity lines of credit (HELOC). What disclosures are required? What is required to reduce an available line? These questions and more will be addressed during this detailed session on HELOC.

Recorded Tuesday,
July 16th, 2024
Presented by Molly Stull
1h 30m total length
2 CRCM Credits
$299.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Auditing
  • Compliance
  • General Compliance
  • Lending
  • Lending Compliance
  • Compliance Officer
  • Consumer Lender/Retail Banker
  • Internal Auditor
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Mortgage Lender
  • Training Manager
  • Trainer

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Home equity lines of credit are a popular loan product with very unique compliance requirements. Join us as we dive deep to ensure that your institution is accurately addressing all aspects of this product from disclosures to statements, including understanding compliance and fair lending risks when property values decline.

This program is designed to provide numerous checklists and examples to utilize in reviewing or developing a HELOC product. An overview of the compliance regulations impacting the HELOC product will be provided, including a detailed checklist to verify the disclosure includes all required details.

We will review rescission and periodic statement requirements as well as possible action steps to take when property values decline. Sample line suspension letters and a freeze notice will be given. This is definitely a session designed to provide guidance whether you are developing, servicing, or auditing HELOCs. All participants receive a detailed manual for future reference.

What You'll Learn

  • Identify regulatory compliance disclosures, including the required program specific HELOC disclosure and brochure
  • Flood FAQs specific to HELOCs
  • Periodic statement requirements including a checklist to verify statement contents
  • Properly meeting right of rescission requirements
  • How to handle a decline in home value, including examples of calculating what is a “significant decline”
  • Understanding compliance and fair lending risks when property values change
  • Interagency guidance when the draw period is ending
  • HELOC disclosure compliance checklist

Who Should Attend

This informative session is designed for loan officers, loan support staff, compliance officers, auditors, and others responsible for origination and servicing of HELOCs.

Molly Stull

Instructor Bio

Molly began her banking career on the teller line while working on her undergraduate degree and has continued working in the financial industry ever since. Some of her experience includes roles in operations, business resumption planning, consumer compliance, and conducting audits. Her favorite role is ensuring that her audience, whether on the sports field or in the financial industry, understands the "why" behind the rule. Her wealth of financial knowledge and her numerous years of experience enable her to relate the material to the audience.

Continuing Education Credit Information

Understanding HELOC Requirements has been approved for 2 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for both Live and OnDemand viewing. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.