Topic: Home Equity Lines of Credit e.g., R.E.A.P.
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#82085 – Consumer R.E.A.P. Agreement (Rev. 3/05)
Use for: Wisconsin Consumer Act home equity lines-of-credit. NOT for 1st lien or equivalent security interests. See ii Release No. B064for more information about HELOCs. Revised 3/05.
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DFI: Wisconsin Consumer Act – Security Interest Restrictions When Debt Under 1000 (9/22/1982) Interpretive Opinions Issued by DFI
***** According to Sec. 422.417(3)(b), Wis. Stats., a creditor in a consumer loan may not take a security interest in real prope.rty if the obligation secured is less than $1,000. […]
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DFI: Wisconsin Consumer Act – Exclusion of Commitments to Lend in Excess of 25000 from the WCA (10/17/1983) Interpretive Opinions Issued by DFI
***** Sec. 421.202(6), Wis. Stats., excludes from the Wisconsin Consumer Act consumer credit transactions in which the amount financed exceeds $25,000. ***** This exemption excludes from the Wisconsin Consumer Act […]
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DFI: Explanation of Federal Preemption after Spouse Terminates HELOC
Section 766.565(5),Wis. Stats., the provision permitting a creditor to include in an open-end home equity agreement authorization to declare the account balance due and payable upon receiving notice of termination […]
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NCUA: Letter to Credit Unions No. 06-CU-16 – Interagency Guidance on Nontraditional Mortgage Product Risk (October 2006) (encl)
NCUA and the other federal regulators issued this guidance to address risks posed by residential mortgage products that allow borrowers to defer repayment of principal and sometimes interest. Such products […]
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NCUA: Letter to Credit Unions No. 06-CU-16 – Addendum to Credit Risk Management Guidance for Home Equity Lending (October 2006) (encl)
The federal regulators provide guidance addressing the timing & content of communications with consumers obtaining interest-only HELOCs. The agencies are concerned that consumers may not fully understand the product terms […]
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NCUA: Letter to Credit Unions No. 05-CU-07 – Managing Risks Associated with Home Equity Lending (May 2005) & Enclosure: Interagency Credit Risk Management Guidance for Home Equity Lending
The federal regulators issued this guidance to promote sound risk management of open-end home equity lines of credit (HELOCs) and closed-end home equity loans. To access enclosure, click on blue […]
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CFPB: 12 CFR 1026.40
Truth in Lending (Reg. Z) – Open-End Credit 1026.40 Requirements for home equity plans.
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CFPB: 12 CFR 1026.16
Truth in Lending (Reg. Z) – Open-End Credit. 1026.16 Advertising.
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CFPB: 12 CFR 1026.15
Truth in Lending (Reg. Z) – Open-End Credit 1026.15 Right of rescission.