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#1445447 - 09/20/10 06:11 PM Req'd verbiage on HELOC statements
Many Hats Offline
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Joined: May 2008
Posts: 915
Orlando, FL
Is the following language required to be on HELOC statements?

"The Annual Percentage Rate or Daily Periodic Rate may vary."

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Lending Compliance
#1445552 - 09/20/10 08:06 PM Re: Req'd verbiage on HELOC statements Many Hats
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
Never mind...I found the answer. smile

226.7(a)(4)

"...If different periodic rates apply to different types of transactions, the types of transactions to which the periodic rates apply shall also be disclosed. For variable-rate plans, the fact that the periodic rate(s) may vary."

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