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BankersOnline.com Forums State-Specific Compliance Issues Ohio Open end mortgage
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#177730 - 04/07/04 06:59 PM Open end mortgage
Anonymous
Unregistered

Does anyone know why a lender would use a mortgage titled "Open End" on loan where there will be no advances after closing?

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#177731 - 04/08/04 04:54 PM Re: Open end mortgage
Elaine K. Sheehan Offline
100 Club
Elaine K. Sheehan
Joined: Jul 2002
Posts: 157
Grand Rapids, MI
It has to do with the possibility that funds disbursed under default provisions of the security instrument may be construed as future advances.

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