Since 1989 Regulation Z has required financial institutions to develop special home equity lines of credit (HELOC) program disclosures. Many other regulations also apply to HELOCs, frequently with provisions that are unique for this type of credit. HELOCs are complicated. There are layers of disclosure provided at application, closing and throughout the life of the line. There are restrictions that apply to HELOCs that do not apply to other types of loans. There are unique portfolio management issues such as how to handle lines that are nearing the end of their draw periods, and limitations on selecting a new index when the existing index expires.

This two-hour program explains how to develop, maintain and audit HELOC program disclosures and provides an overview of other required disclosures. The program explains the rules, reviews typical problems, and provides steps to assure ongoing compliance.

Participants receive a detailed manual that serves as a handbook long after the program is completed.

Covered Topics

• Which transactions are covered by or exempt from Regulation Z;
• The differences between open-end and closed-end credit;
• The specific requirements for Home Equity Plans:
• Coverage
• Timing of the application disclosures;
• Content of the application disclosures;
• The brochure entitled “What You Should Know About Home Equity Lines of Credit;”
• Limitations on Home Equity Plans;
• The general rules for open-end credit:
• Account opening disclosures;
• Periodic statements;
• Subsequent disclosure requirements;
• Billing error resolution;
• Right of rescissions;
• Advertising; and
• Miscellaneous other laws and regulations such as flood insurance requirements and the Real Estate Settlement Procedures Act (Regulation X).

Faculty

Jack Holzknecht

Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 44 years. In 39 years as a trainer over 147,000 bankers (and many examiners) have participated in Jack’s live seminars and webinars. 

* Registration Plus Recording: Includes the live session (one connection, unlimited attendees), CD ROM, (shipped 7-10 business days after live session), unlimited access to OnDemand Playback and links to presenter materials and supplementary handouts for 6 months after live session.