Happy November everyone! I hope you had a great Halloween. We’ve now entered my favorite two months of the year. Food, holidays, and sweaters, the perfect trifecta. What’s not always perfect? Disclosures. Today on the compliance blog, I am going to be discussing application and account opening disclosures for Home Equity Lines of Credit (HELOCs).
Required Disclosures at Application
Unlike other forms of credit, Regulation Z, section 1026.40(b) requires lenders to provide disclosures when a HELOC application is given to a consumer. The requirements to provide these disclosures can be found in section 1026.40(d) and (e).
Content of Application Disclosures
Section 1026.40(d) requires the following disclosures:
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