If any of you have an access device (i.e. credit card) for your HELOC products, do you put the written request/signoff for it in the note or on the application? We currently do it on our note, but would like to do it in the application for the HELOC. Any advice?

We have a separate form to request our HELOC card. We fill it out at closing, and process it after the rescission period has expired to ensure that the delay in performance is observed and we aren't spending money imprinting plastics that will be invalid.

It's really an adminstrative issue that can be handled either way with pros and cons for each. As mentioned above there are some benefits to waiting. We submit the request for the card early in the process and have is send to the bank and we provide it directly to the customer when they come in after the rescission period. This allows the customer to start using it sooner but insures that they can't access the funds before the rescission period expires. Plus, by giving it to the customer in person we reduce the ID Theft and fraud risks that mailing the card could present.

Hi! Although we are from another state (Mass.), is it possible for you to share your form with me? I will be glad to send you my bank personal info, when you contact me. thanks! lbaldracchi@southbridgesavingsbank.com

OR (800)939-9103,x1040 Lora